Tuesday, April 15, 2008

Gold futures decline

Gold for June delivery fell $7.60 to $924.20 an ounce on the New York Mercantile Exchange. Despite breaking above the short-term down trend line, the precious metal continues to meet chart resistance, suggesting gold may look to spend some more time consolidating above $900 an ounce. However, gold’s mid to longer-term outlook remains bullish.
On Thursday, gold futures dropped $5.70 to end at $931.80 an ounce. “I’d expect gold to be trading much higher as now not only do we have price inflation here in the U.S., but we are now importing it at a rapid rate from China and other trade partners,” said Zachary Oxman, senior trader at Wisdom Financial.“It seems as if traders are hesitant to take long side positions today,” Oxman said. “With the dollar and stock market weak, I’d have expected to see a bigger buy into gold.”
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