Syria, Fed Force Gold Prices to a 4-Week Low

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Sept. 12 (Bloomberg) -- Bloomberg's Scarlet Fu and Bloomberg Tradebook's Greg Bender put futures in focus with a look at the factors driving prices lower in the gold market in "On The Markets." They speak on Bloomberg Television's "In The Loop."

It is time for futures and focus.

We are looking at gold agers down more than than two percent to a four-week low.

Greg vender is here with what striving for mental lower.

The fundamental view is there is a conflict that is looking less likely.

Gold has sold and equities have rallied and people are focusing on that.

Traders are looking to the fm ioc next week to get their next clue of where they are going.

Gold has dropped 20% so far this year.

Is there any kind of support level we are coming up to at would argue for a bounce back?

We are sitting right on the 50 day moving average of $1330. traders are more focused -- a couple of weeks ago when we rallied to $1420, rsi i became oversold and that showed a little bit of life to the metal.

More traders were looking at that as an opportunity to unload and lean up against the $1420 resistance level and the momentum is shifting to the downside.

Traders are looking more toward the momentum down rather than support levels.

Talk to us about the gold/silver ratio.

It's not just gold that is under pressure.

It is gold, silver, copper, lead -- all the metals.

It is widely watched.

It is at the 59 level in silver which is a support level, i think and i think it will rally.

I think gold will out tastes over to the upside.

What about the other metals?

The chart looks similar on copper.

It is kind of messy and momentum is sideways or down.

We will continue to monitor this especially as the u.s. and russia made today for two days to discuss what to do next with the military strike in syria and gold is supposedly the safe haven.

Not so much today.

Thank you for joining us.

We will be coming up again in 30 minutes but in the meantime, " market makers" is next.

This text has been automatically generated. It may not be 100% accurate.


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