Precious metals are trading mixed early in the Asian session, with gold a touch lower. Volumes are likely to remain light as many trading desks in the different parts of the world remain thinly staffed ahead of the year-end. Comex gold futures for delivery in February fell 0.7% Tuesday to $1,595.50/oz. Analysts say that for market participants who place bets based on patterns in trading activity, the gold market’s failure to retake the 200-day moving average was a bearish signal. Gold fell below the key psychological 200-day moving average Dec. 14, triggering a wave of selling. Spot gold is at $1,590.40/oz, down $1.90 from New York’s informal close, while silver is at $28.67/oz, down 6 cents. Platinum is at $1,433/oz, up $6, and palladium is at $661/oz, up $2.
EasyForexNews Research Team