Olympus' Nedoss: Comex Gold Weaker On Chart-Based Selling
Charles Nedoss, senior market strategist with Olympus Futures, blames much of the weakness in Comex gold on technical-chart factors. “The dollar (index) is only up about 12 ticks, so I don’t think that justifies a $30 move (in gold),” he says. First, December gold fell through the 10-day moving average, now roughly around $1,779, on Wednesday, he says. The market bounced back roughly $20 from its lows to the close on Wednesday, but then when prices fell back through those lows overnight, further technical selling was generated.D
Charles Nedoss, senior market strategist with Olympus Futures, blames much of the weakness in Comex gold on technical-chart factors. “The dollar (index) is only up about 12 ticks, so I don’t think that justifies a $30 move (in gold),” he says. First, December gold fell through the 10-day moving average, now roughly around $1,779, on Wednesday, he says. The market bounced back roughly $20 from its lows to the close on Wednesday, but then when prices fell back through those lows overnight, further technical selling was generated.D
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