Gold Dips Below $1,300 In Asia-Pacific Trade; Technical Selling Triggered

London (July 24)  Gold fell back below the $1,300-an-ounce level for the first time in a week during overnight Asia-Pacific trading, with technical selling occurring, says Samuel Laughlin, metals dealer with MKS (Switzerland) SA. “It was a quiet start to the Asian session as gold continued to threaten the 100 DMA (day moving average) sitting around USD $1,303,” he says. “A dip lower following the Chinese open sent the yellow metal down through the support level, triggering stops and follow-through selling to move below the psychological USD $1,300. The remainder of the session found gold threatening to break through the 50 DMA currently sitting around USD $1,294.” Comex August gold fell as far as $1,295.20. As of 7:37 a.m. EDT, the contract was down $5.20 to $1,299.50.

Spot silver edged higher by 7 cents to $20.86, while platinum fell $3 to $1474 and palladium added $1 to $872.

Source: KitcoNews