Gold price drops below the key $1,500 an ounce level, lowest close in 2 months
Gold prices dropped over 2% Monday, settling below the psychologically important level of $1,500 to post their lowest finish in two months, as strength in U.S. dollar and some buoyancy in U.S. stocks and yields drew demand away from bullion.
“However, technical considerations may be more influential on today’s action in the gold market,” he said. “Gold has formed a bearish head-and-shoulders pattern, and today’s drop below the formation’s ‘neckline’ has likely spurred additional selling.” Gold for December delivery GCZ19, -1.85% on Comex declined $33.50, or 2.2%, to settle at $1,472.90 an ounce—the lowest finish for a the most-active since contract since Aug. 2, according to FactSet data. For the month, the contract declined 3.7%, but gained 3.4% over the past three months.
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