Back

Red Asian Monday for metals

FXstreet.com (Chicago) – Gold continues extending the bearish trendline that started last October 2012. Trading around the $1,325.70/oz zone, the metal reflects market participants’ perceptions amid German elections and the post-reaction to the FOMC’s economic outlook.

Metals recap

Offered at $1,325.70, gold retraces 0.51% and prints lows at $1,323.60 and highs at $1,330.80. Silver trades at $21.78 (38.2% Fibonacci level since last month’s rally), declining 0.68% and printing lows at $21.76 and highs at $21.97. Platinum loses 0.34% so far and trades at $1,427.70 with lows at $1,427.50 and highs at $1,436.10. Copper is also down 0.93% and trades at $3.2890 with session lows at $3.2885 and highs at $3.3120. Finally, palladium is down 0.35% to now be offered at $719.40 registering lows at $718.90 and highs at $722.85.

Merkel to seek 'grand coalition' with SPD

After an overwhelming victory in the German national elections, Angela Merkel was confirmed to have fallen short from an absolute majority, an outcome which will now force her to seek coalitions to govern.
Read more Previous

Flash: Fade USD sell-offs in EUR/USD and GBP/USD - BMO

According to Stephen Gallo, European Head of FX Strategy at BMO Financial Group, the USD looks poised to trade under pressure short term.
Read more Next