5 Sep 2013
Dull metals…too much talk and little action?
FXstreet.com (Chicago) – Most futures contracts for metals have declined today drifting away from last ‘week peaks amid outperforming US results and a little too much talk with little action in regards to the US military strike against Syria.
Gold trades at $1,371.40 failing to sustain $1,400 session highs but pulling off a bounce from $1,364.70 and post a 1.34% daily loss so far. The metal is poised to record the 5th losing strike out of 6 days. Silver dropped below $24 zone yesterday to trade at $23.19 now with daily highs at $23.68 and lows at $23.04 and registers 1.00% losses. Platinum also dropped losing 0.81% to trade at $1482.60 after falling from $1502.90 highs and bouncing off $1472.80 lows. Copper is the only winning metal with 0.05% gains and trades at $3.2425 bouncing off $3.2200 lows and retracing from $3.2610 highs. Palladium registers 1.35% losses so far and trades at $688.85 after retracing from $698.00 highs and bouncing off $685.25 lows.
The Syrian conflict remains a concern but the administration of Barack Obama is taking its time to strike Syria. After obtaining approval from the Senate Committee, the government is steps away from getting all Congress’s back up. Moreover, positive US data triggered a bullish sentiment among market participants who continue to see the dollar strengthen as the journey advances.
Gold trades at $1,371.40 failing to sustain $1,400 session highs but pulling off a bounce from $1,364.70 and post a 1.34% daily loss so far. The metal is poised to record the 5th losing strike out of 6 days. Silver dropped below $24 zone yesterday to trade at $23.19 now with daily highs at $23.68 and lows at $23.04 and registers 1.00% losses. Platinum also dropped losing 0.81% to trade at $1482.60 after falling from $1502.90 highs and bouncing off $1472.80 lows. Copper is the only winning metal with 0.05% gains and trades at $3.2425 bouncing off $3.2200 lows and retracing from $3.2610 highs. Palladium registers 1.35% losses so far and trades at $688.85 after retracing from $698.00 highs and bouncing off $685.25 lows.
The Syrian conflict remains a concern but the administration of Barack Obama is taking its time to strike Syria. After obtaining approval from the Senate Committee, the government is steps away from getting all Congress’s back up. Moreover, positive US data triggered a bullish sentiment among market participants who continue to see the dollar strengthen as the journey advances.