Gold rises, shakes off 5 straight losses
Los Angeles (Sept 15) Gold nudged higher Monday, rebounding after a five-session losing streak took a big bite out of prices ahead of the Federal Reserve’s two-day meeting, set to kick off tomorrow.
At last check, gold for December delivery GCZ4, +0.35% added $1.40 to $1,232.90 an ounce. December silver SIZ4, -0.01% added 4 cents to $18.65 an ounce.
Gold finished last week on another down note, making it a loss of 2.8% for the full week as a stronger dollar continued to apply pressure.
James Chen of City Index said the fact that the 50-day moving average crossed below the 200-day moving average last week is a bearish condition that hasn’t happened since early 2013.
“Having declined steadily for the past month from a mid-August high around 1,320 down to its current position in the mid-to-low 1,200s, gold’s prospects continue to appear dim,” Chen warned.
Elsewhere in metals trading, December palladium PAZ4, +1.14% rose $3.75, or 0.5%, to $839.80 an ounce, while October platinum PLV4, +0.09% lost $1.40 to $1,369.10 an ounce. High-grade copper for December delivery HGZ4, -0.89% dropped 4 cents, or 1.3%, to $3.07 a pound.