Gold Lower as USD Firmer

Gold prices have dropped to session lows in mid-morning U.S. dealings Wednesday. Early selling pressure was intensified when prices dropped to a fresh three-week low, triggering sell stop orders in the futures market. The risk-on trading day in the market place and bearish “outside market” forces (firmer U.S. dollar index and weaker crude oil prices) are working against the gold market bulls Wednesday. December gold was last down $10.40 an ounce at $1,110.60.

via Kitco

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza