Kitco News — Gold futures prices are lower and slumped to an eight-month low in early U.S. trading Thursday. August Comex gold was last down $4.90 at $1,142.70 an ounce. Phillip Streible, a senior market strategist at RJO Futures said, ‘outside factors’ have played the biggest role in gold’s decline. ‘The slump in Chinese Equities spooked long term metals holders and the normal investors that look for gold as an alternative currency to Euro have been plowing into other assets like Bonds or the USD,’ he said in an interview from Chicago. Streible added that the gold market looks ‘very weak’ and is trading far below the 50 day and 200 day moving averages. ‘We should see a quick sell-off once the key level of support at $1143.00 is broken and a washout to $1125. After rallies back to $1,150 would be the new resistance point and just a cautionary rebound,’ he said.
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