Tags: Gold | Falls | Record | Speculation | Rally | Overdone

Gold Falls From Record on Speculation Rally Was Overdone

Thursday, 07 Oct 2010 11:13 AM

Gold futures fell from a record as some investors sold the precious metal on speculation that the rally was overdone.

Gold reached a record $1,366 an ounce in New York, posting an all-time high for the 14th time in the past month. The 14-day relative strength index for gold futures has been above 70 since Sept. 22 and reached 86 yesterday, a signal that prices are poised to fall.

“From a technical standpoint, there is no support for gold at these prices,” said Leonard Kaplan, the president of Prospector Asset Management in Evanston, Illinois.

Gold futures for December delivery fell $4.20, or 0.3 percent, to $1,343.50 an ounce at 10:35 a.m. on the Comex in New York. Before today, the metal was up 23 percent this year.

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Gold futures fell from a record as some investors sold the precious metal on speculation that the rally was overdone.Gold reached a record $1,366 an ounce in New York, posting an all-time high for the 14th time in the past month. The 14-day relative strength index for gold...
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2010-13-07
Thursday, 07 Oct 2010 11:13 AM
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