Gold Price Falls Below Unchanged on Technical Selling Pressure

San Francisco (Apr 16)  Gold prices have drifted lower and have fallen below unchanged levels on the day Thursday, after holding modest gains early on and in overnight trading.The overall near-term technical posture of the gold market remains bearish, which has also encouraged some fresh chart-based selling Thursday. Weaker crude oil prices on this day, and the U.S. dollar index backing down from its overnight high, have also emboldened sellers in gold. June Comex gold was last down $6.00 an ounce at $1,195.30.

Spot silver slips 11 cents to $16.8, while platinum falls $5 to $1,158...but palladium bounces up $11 to $781 on short-covering.

Source: Bloomberg