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Mid-Session Gold Market Report
Wed 05 Dec 2012 11:25:58 CT
Related Keywords: Metals
Related Keywords: Metals
A big range today with the early gains failing to hold into mid session. Gold might have been undermined by a slightly negative outlook on gold from a major investment banker or perhaps gold was partially undermined this morning in the wake of residual weakness in the Euro. Gold might have seen some initial lift from news of an 118,000 private sector jobs that were gained in the ADP report, but it is also possible that some early gold longs simply decided to bank long side profits in the face of fresh fiscal cliff battling within the GOP. The US Factory orders and ISM Non-manufacturing data were also slightly better than expected, but gold prices seemed to slide in the wake of that news.
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*Disclaimer: The information in the Market Commentaries was obtained from sources believed to be reliable, but we do not guarantee its accuracy. Neither the information nor any opinion expressed therein constitutes a solicitation of the purchase or sale of any futures or options contracts.
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