The train will never leave the station with so many passengers.
Fall in gold price a setback for $US1000 target
Matt Whittaker | August 11, 2009
GOLD futures fell on technical selling in New York today as the US dollar strengthened.
December gold declined $US12.60 to settle at $US946.90 an ounce on the Comex division of the New York Mercantile Exchange.
Although support is entering the market around $US934, the metal was forming a bearish chart pattern that might spell more declines, said Sterling Smith, CTA and market analyst with Country Hedging.
"Gold's chances of taking out a thousand bucks this year just got a setback," Mr Smith said, adding the chart pattern could bring gold back to $US920.
The metal held above $US943 support today, said Ralph Preston, senior market analyst with Heritage West Financial.
But if it breaks that level, gold could head back to $US920, Mr Preston said.
"Clearly we hit some stops," said Andrew Montano, director of precious metals at Scotia Mocatta.
