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Gold Watch: Some basic profit-taking, no big surprise
Posted on May 22, 2008
Gold for June delivery dropped $10.30 to end at $918.30 an ounce on the New York Mercantile Exchange. MarketWatch reports: Gold futures closed sharply lower Thursday, coming under pressure as the dollar rose against other major currencies and oil prices declined. The strong dollar, weak crude and a possible over-reaction to the Fed minutes yesterday seem to be driving gold lower, said Zachary Oxman, a senior trader at Wisdom Financial. Until we cross and close above the $940 level, we'll remain range-bound between $900 and $940. Some profit-taking has been witnessed [in gold], which is no...
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