Thu 03 May 2012 19:06:01 CT
A range down failure on the charts was seen today despite positive economic signs from US claims. However, adverse currency market action, weak equities and global slowing views seem to have a hold on physical commodity prices. Some gold bulls are holding out hope that today's claims figures will lay the ground work for a solid monthly jobs result but it is possible that a favorable US jobs result in Friday could actually sink gold prices further off the idea that no additional easing could be expected from the Fed. On the other hand, some gold traders are concerned that upcoming European elections could serve to sink the Euro and apply pressure to gold prices.
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