RS: Comex Gold Backs Down as Outside Markets Turn Bearish
By Jim Wyckoff
Comex gold futures are trading modestly lower and near the daily low as midday approaches Tuesday. The yellow metal had been trading with modest gains but then turned south when the key “outside markets” moved to a bearish posture for the precious metals–the U.S. dollar index moved to its daily high and crude oil prices moved to their session low. Trading in gold remains choppy and in a trading range, on a near-term basis. The precious metals as well as other markets are awaiting Wednesday’s afternoon’s release of the minutes of the latest FOMC meeting of the U.S. Federal Reserve.
August gold last traded down $4.70 at $1,584.40 an ounce.
