Back
20 Sep 2013
Metals sink on Bullard’s comments, 2-day rally ended
FXstreet.com (Chicago) – Metals dropped after a historic journey two days ago with unseen growth since 2009. Pressed down by dovish Bullard’s comments, most gains are wiped out ahead of Wall Street’s closing.
Two-day rally ends
Gold trades at $1,332.70 printing lows at $1,327.20 and highs at $1,368.40 to retrace 2.67% so far. Silver drops below the $23 zone and trades at $21.88 with lows at $21.76 and highs $23.18 losing 6.10% so far. Platinum is also down and is offered at $1,433.50 with lows at $1,427.80 and highs at $1,467.80 to register 2.68% losses. Copper trades at $3.3080 and prints lows at $3.3020 and highs at $3.36 for a 1.17% daily loss so far. Finally, palladium is down 2.74% and trades at $718.00 printing lows at $$715.30 and highs at $738.35.
Dovish outlook
Bullard’s comments were rather dovish after announcing weak data pressed the Federal Reserve to postpone any tapering. Based on empirical evidence demonstrating the economy is indeed improving, tapering time is undefined.
Two-day rally ends
Gold trades at $1,332.70 printing lows at $1,327.20 and highs at $1,368.40 to retrace 2.67% so far. Silver drops below the $23 zone and trades at $21.88 with lows at $21.76 and highs $23.18 losing 6.10% so far. Platinum is also down and is offered at $1,433.50 with lows at $1,427.80 and highs at $1,467.80 to register 2.68% losses. Copper trades at $3.3080 and prints lows at $3.3020 and highs at $3.36 for a 1.17% daily loss so far. Finally, palladium is down 2.74% and trades at $718.00 printing lows at $$715.30 and highs at $738.35.
Dovish outlook
Bullard’s comments were rather dovish after announcing weak data pressed the Federal Reserve to postpone any tapering. Based on empirical evidence demonstrating the economy is indeed improving, tapering time is undefined.