Gold And Silver Finished Lower Thursday, USD Edged Up
$GLD, $SLV, $PPLT, $DXY
Gold futures on the COMEX division of the New York Merc closed lower Thursday, snapping a 5-day winning streak, as .DXY rallied and global demand for precious metals faded.
The most active Gold contract for Dec delivery lost 8.00, or 0.71%, to settle at 1,115.60 oz.
Gold was under pressure as the US Dollar (.DXY) Index rose by 0. 2% to 96.47 as of 18:29 GMT. The index is a measure of the USD Vs a basket of major currencies.
Gold and the Buck typically move in opposite directions, which means if the Buck goes up, Gold futures will fall as it is measured by the Dollar, becomes more expensive for participants.
Gold (GLD) came under additional pressure following a report released by the World Gold Council (WGC) Thursday. The report said Gold hit a 6-year-low on demand.
Silver (SLV) for Sept delivery fell 7.7 cents, or 0.50%, to finish at 15.399 oz.
Platinum (PLTT) for October delivery dropped 4.90, or 0.49%, to close at 995.00 oz.
Gold
Support: 1113.00 – 1097.00
Resistance: 1130.00 – 1136.00 – 1154.00
Direction: Neutral to Bullish, buy risk Vs reward ratio is inappropriate, standing aside waiting for clear direction.
| HeffX-LTN Analysis for GLD: | Overall | Short | Intermediate | Long |
| Bearish (-0.30) | Neutral (0.04) | Bearish (-0.43) | Very Bearish (-0.50) |
| HeffX-LTN Analysis for SLV: | Overall | Short | Intermediate | Long |
| Neutral (-0.09) | Neutral (0.05) | Neutral (-0.17) | Neutral (-0.17) |
| HeffX-LTN Analysis for PPLT: | Overall | Short | Intermediate | Long |
| Very Bearish (-0.50) | Bearish (-0.35) | Very Bearish (-0.59) | Very Bearish (-0.54) |
Stay tuned…
HeffX-LTN
Paul Ebeling
The post Gold And Silver Finished Lower Thursday, USD Edged Up appeared first on Live Trading News.