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Gold keeps falling; stuck below monthly lows

FXstreet.com (Chicago) – Gold continues losing value and retraces for the third time this week dipping below the $1,240 front on better than expected job market results in the US.

Earlier today, US results surprised positively with MBA mortgage applications at -0.3% (vs. past -2.6%), initial jobless claims at 316K vs. expected 330K, the Chicago Purchasing managers’ index at 63 vs. expected 60, the Reuters Michican consumer sentiment index at 75.1 vs. estimates at 73.1 and the CB leading indicator up 0.2% vs. expected flat results.

Gold buyers reacted and sold fueling the price down to $1,237 lows after a retracement from …read more