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31 Oct 2013
Red sea of losses for metals
FXstreet.com (Chicago) – Metals plunged after the release of worse than expected job market results in the US.
At 340K, initial jobless claims fell short to meet expected 339K. Continuing jobless claims were 2.881M vs. expected 2.870M and past 2.850M. The Federal Reserve said yesterday it won’t start tapering until economic results do not back up the decision and until inflation does not fall below 2% target.
Gold plunged 1.82% after extending a parallel movement for almost two days to now trade at $1,324.80 and print lows at $1,318.70 and highs at $1,343. Silver is the worst performer among metals futures retracing 4.54% and registering lows at $21.73 and highs at $22.69. Silver trades at $21.94. Platinum is down 2% and is offered at $1,450.30 printing lows at $1,446.70 and highs at $1,472.50. Copper is down 0.83% and is offered at $3.2985 printing lows at $3.2920 and highs at $3.32. Finally, palladium is offered at $737.80 and has lost 1.56% registering lows at $735.10 and highs at $746.60.
Wall Street closed with losses with the Dow down 0.40%, the Nasdaq down 0.28% and the S&P500 down 0.34%.
At 340K, initial jobless claims fell short to meet expected 339K. Continuing jobless claims were 2.881M vs. expected 2.870M and past 2.850M. The Federal Reserve said yesterday it won’t start tapering until economic results do not back up the decision and until inflation does not fall below 2% target.
Gold plunged 1.82% after extending a parallel movement for almost two days to now trade at $1,324.80 and print lows at $1,318.70 and highs at $1,343. Silver is the worst performer among metals futures retracing 4.54% and registering lows at $21.73 and highs at $22.69. Silver trades at $21.94. Platinum is down 2% and is offered at $1,450.30 printing lows at $1,446.70 and highs at $1,472.50. Copper is down 0.83% and is offered at $3.2985 printing lows at $3.2920 and highs at $3.32. Finally, palladium is offered at $737.80 and has lost 1.56% registering lows at $735.10 and highs at $746.60.
Wall Street closed with losses with the Dow down 0.40%, the Nasdaq down 0.28% and the S&P500 down 0.34%.