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Tuesday, April 2, 2013

Gold Drops to 2-Week Low on Technical Selling, Bearish Outside Markets.

Comex gold futures prices are trading solidly lower and hit a two-week low in mid-morning dealings Tuesday. Renewed technical selling pressure has surfaced as sell stop orders were triggered to accelerate the price down-move Tuesday. Also, the key "outside markets" have turned more bearish for the precious metals on a daily basis Tuesday--a firmer U.S. dollar index and lower crude oil prices. Also bearish for the raw commodity sector in general is the bull run in the U.S. stock market that has seen the Dow and S&P indexes score new highs on Tuesday. The keener investor interest in equities is pulling funds away from other asset classes, including the safe-haven gold market. June gold last traded down $19.10 at $1,581.80 an ounce.


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