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From : Commodities Daily Hotline: 2 September 2014
Chart of the day: Gold reasserts downtrend

 

Following yesterday's national Labor Day holiday in the US, traders in the Precious Metals sector have returned to the market in a negative frame of mind.  The Gold contract, for instance, is currently priced at 1275.8 in the pre hours session.  It would appear that the price is reasserting the downward tendency from the July high.  A move over 1300 would be required to remove pressure from the late-August low at 1272.6.  We continue to hold a short trade in the precious metal for the potential towards the June floor at 1241.2.

 






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