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Gold Futures Finish Lower after Brief Climb Above $1,700


Wednesday, 8 April 2020 01:40 WIB

GOLDEMAS


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Gold futures finished lower on Tuesday, easing back after briefly climbing above $1,700 an ounce for the first time since late 2012.

There was a "follow through short-squeeze" in gold prices early Tuesday following Monday's sharp gain, but that morning squeeze gave way to retracement "as gold became overbought on a near-term basis," said Tyler Richey, co-editor at Sevens Report Research.

June gold fell by $10.20, or 0.6%, to settle at $1,683.70 an ounce after trading as high as $1,742.60. It rose 2.9% to settle at $1,693.90 an ounce on Monday-the highest for a most-active contract since Dec. 17, 2012, according to Dow Jones Market Data.

Source : Marketwatch


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