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Gold Bounces After Touching 2.5 Year Low

Gold prices are moderately higher in early U.S. trading Friday, on a corrective technical bounce after August Comex futures fell to a 2.5-year low of $1,268.70 in overnight trading. The gold and silver market bears remain in strong technical control of their markets. Comex August gold last traded up $9.20 at $1,295.30 an ounce. Spot gold was last quoted up $18.60 at $1,297.00. July Comex silver last traded up $0.027 at $19.85 an ounce. July silver hit a 2.5-year low of $19.31 in overnight trading.

The market place is a bit calmer as trader attention moves to the U.S. stock market opening Friday morning. Asian stocks followed Wall Street’s lower price action Thursday. Asian stocks were also pressured by worries about a financial liquidity problem occurring in China as interest rates there have surged recently. Some weaker economic data out of China Thursday also spooked the Asian markets. Japan’s Nikkei did manage to post gains Friday.

via Kitco News

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Alfonso Esparza

Alfonso Esparza [5]

Senior Currency Analyst at Market Pulse [6]
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 has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. 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