(Kitco News) - Gold futures were we

(Kitco News) - Gold futures were weaker and near the session lows early Tuesday afternoon as demand for safe havens eased and money moved back into global equities, traders said.

As of 12:31 p.m. EDT, Comex August gold was down $22.50, or 1.7%, to $1,334.10 an ounce. September silver lost 17.4 cents, or 0.9%, to $20.13.

Live 24 hours gold chart [Kitco Inc.]

This occurred on a day when the Dow Jones Industrial Average was up by triple digits, hitting record highs.

“With gold, you’re seeing the fear trade come out,” said Charles Nedoss, senior market strategist with LaSalle Futures Group. “You’re seeing stocks put in new highs. You’ve seen a lot of money come out of bonds. You’re seeing money coming out of gold too and put back to work in equities.”

Silver held up better than gold, however, drawing some spillover support from strength in copper prices, Nedoss added. Silver has more industrial demand than gold.

Live 24 hours silver chart [ Kitco Inc. ]

Phil Flynn, senior market analyst with at Price Futures Group, commented that markets collectively started to factor out some of the worst-case fears that had been built into prices after the U.K.’s “Brexit” referendum last month to leave the European Union. The vote led to the resignation of the country’s prime minister. At the time, equities fell hard and the British pound even harder.

The country at least has a new prime minister – Theresa May is scheduled to take over Wednesday after being named Conservative Party leader, with David Cameron stepping down.

Much of the buying in recent weeks was the result of uncertainty facing global markets, and now at least some of this uncertainty was resolved by the news about a new U.K. prime minister, Flynn commented.

The British pound is stronger along with global stocks. Further, more stimulus is expected from the Bank of England and Bank of Japan, he said. The yield in U.S. 10-year Treasury yields, which moves inversely to the price, has risen to 1.502% from 1.434% late Monday, signaling selling pressure in this market also.

“Yields were at record lows. We’re bouncing off of those record-low yields,” Flynn said. “So the flight to safety has eased a little bit. The stock market is higher as well. A little bit of the worst-case scenario (about the effect of Brexit) has been alleviated a little bit, and that is driving the prices.”

Turning to the technical charts, Flynn said a key near-term level for him is the area around $1,338 to $1,340 for August gold, which the market has fallen below for now. A close below this could mean further weakness, he said.

“If we can hold $1,340 – and we won’t know until the end of the day – we can retest the high,” he said. “That’s more of the swing-trade kind of activity. But from a longer-term perspective, we think that a retest of $1,400 is still in the cards at some point. But there is a question of whether we’ll have a straight line up or (first) pull back a little.”’

Nedoss put his initial resistance for August gold around $1,349 an ounce. He put initial support at $1,321.10, commenting that a close below this could portend weakness to the $1,280-$1,290 area.

Kết quả (Việt) 1:

(Kitco News) - tương lai vàng đã yếu hơn và gần các mức thấp phiên làm việc buổi chiều thứ sáu sớm như nhu cầu về thiên đường an toàn nới lỏng và tiền bạc di chuyển trở lại vào chứng khoán toàn cầu, thương nhân nói.12:31 PM EDT, Comex ngày vàng đã xuống $22,50 hoặc 1,7%, đến $1,334.10 một ounce. Ngày bạc mất 17,4 cent, hay 0,9%, đến $20.13.Biểu đồ trực tiếp 24 giờ vàng [Kitco Inc]Điều này xảy ra vào một ngày khi Dow Jones công nghiệp trung bình là lên bởi ba chữ số, nhấn mức cao kỷ lục."Với vàng, bạn nhìn thấy thương mại lo sợ đi ra," ông Charles Nedoss, nhà chiến lược thị trường cao cấp với LaSalle Futures Group. "Bạn đang nhìn thấy cổ phiếu đặt ở mức cao mới. Bạn đã nhìn thấy rất nhiều tiền ra khỏi trái phiếu. Bạn đang nhìn thấy tiền ra khỏi vàng quá và đưa trở lại làm việc trong chứng khoán."Bạc giữ tốt hơn so với vàng, Tuy nhiên, bản vẽ một số hỗ trợ spillover từ sức mạnh đồng giá, Nedoss thêm vào. Bạc có các nhu cầu công nghiệp nhiều hơn so với vàng.Biểu đồ trực tiếp 24 giờ bạc [Kitco Inc]Phil Flynn, phân tích thị trường cao cấp với giá tương lai Group, nhận xét rằng thị trường chung bắt đầu yếu tố ra một số sự sợ hãi tồi tệ nhất đã được xây dựng vào giá sau khi trưng cầu dân ý "Brexit" của Vương Quốc Anh tháng cuối cùng rời khỏi Liên minh châu Âu. Việc bỏ phiếu đã dẫn đến sự từ chức của thủ tướng chính phủ của quốc gia. Tại thời điểm, chứng khoán giảm khó khăn và bảng Anh thậm chí còn khó khăn hơn.Quốc gia ít có một thủ tướng mới-Theresa có thể được lên kế hoạch để tiếp nhận các thứ tư được đặt tên theo lãnh đạo Đảng bảo thủ, với David Cameron bước xuống.Much of the buying in recent weeks was the result of uncertainty facing global markets, and now at least some of this uncertainty was resolved by the news about a new U.K. prime minister, Flynn commented.The British pound is stronger along with global stocks. Further, more stimulus is expected from the Bank of England and Bank of Japan, he said. The yield in U.S. 10-year Treasury yields, which moves inversely to the price, has risen to 1.502% from 1.434% late Monday, signaling selling pressure in this market also.“Yields were at record lows. We’re bouncing off of those record-low yields,” Flynn said. “So the flight to safety has eased a little bit. The stock market is higher as well. A little bit of the worst-case scenario (about the effect of Brexit) has been alleviated a little bit, and that is driving the prices.”Turning to the technical charts, Flynn said a key near-term level for him is the area around $1,338 to $1,340 for August gold, which the market has fallen below for now. A close below this could mean further weakness, he said.“If we can hold $1,340 – and we won’t know until the end of the day – we can retest the high,” he said. “That’s more of the swing-trade kind of activity. But from a longer-term perspective, we think that a retest of $1,400 is still in the cards at some point. But there is a question of whether we’ll have a straight line up or (first) pull back a little.”’Nedoss put his initial resistance for August gold around $1,349 an ounce. He put initial support at $1,321.10, commenting that a close below this could portend weakness to the $1,280-$1,290 area.