Jim Wyckoff: “Update: Gold Extends Early Losses to Trade Sharply Lower, Below $1,400” – Kitco

Posted on :Sep 04, 2013

By: Jim Wyckoff

Kitco

September 4, 2013

Comex gold futures prices are solidly lower and have  fallen back below the key $1,400.00 level in late-morning dealings Wednesday.  Gold, crude oil and the U.S. dollar index all saw selling pressure about the  same time President Obama was making remarks at a press conference in Sweden.  Apparently, his remarks on Syria were deemed by the market place as being more  restrained.

Still, the general perception of the market place is that  the U.S. Congress will back its president on a measured military operation against  Syria at some point. Some strong U.S. auto industry sales reported Wednesday  morning may have also led to ideas of a Federal Reserve move to  “taper” its quantitative easing program this month. Focus of the  market place will quickly turn to economic data out the rest of this week,  beginning with the Federal Reserve’s beige book report Wednesday afternoon.  December gold last traded down $20.00 an ounce at $1,392.00.

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