Gold retraces 2%+ on profit taking
Gold fell 2%+ Tuesday, retreating from a record of more than 1,900 oz, as a broad recovery of equity markets and risk-on assets took the momentum out of the Bullion rally on a technical high.
The metal retraced over 30 oz from a record 1,911.46 oz as Wall Street rallied more than 2% on better-than-expected Chinese and German economic data.
A rise in margin requirements for Gold forwards on the Shanghai Gold Exchange curbed Gold's rise a bit
Bullion is still up by nearly a 33% this year and is on track for its biggest 1-month rise since September 1999.
US gold futures for December delivery were down 37.40 at 1,854.50 oz.
Silver was down 3.5% at 42.23 oz
Paul A. Ebeling, Jnr.
Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster's Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.
Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.
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