Ongoing Weakness in Gold & Copper (GLD, GDX, SLV, ABX, AUQ, GG, KGC, PAAS, SLW, COPX, FCX, RIO)

Published on Thursday, 15 December 2011 17:30 Written by Paul Oldrini

New York, December 15th (TradersHuddle.com) – The Gold prices continued with their downtrend, falling for the fourth straight session. Today’s decline came following a sharp tumble of over 5% in the previous trading, which pulled the yellow metal below its 200-Day moving average price of $1,618 an ounce, triggered Stop sells.

Gold for February delivery slid $9.70 to closed at $1,577.20 an ounce at the Comex division of the New York Mercantile Exchange, also extending its fall in afterhours trading. The gold prices had made an attempt to move higher and made high of $1,596.50, but unable to topped its psychological barrier of $1,600.

The gold has lost over 8% in the past four trading sessions, with most of losses coming On Wednesday after the euro slumped to an 11-week low against the dollar. Fear about the ongoing debt crisis in the euro-zone pushed investors towards risk free assets such as cash, treasury and the dollar. Moreover, gold has lost over 21% from its all-time highs, but still up around 11% so far this year.

Other metals closed mixed with some recovering coming from palladium and silver. March silver added 34 cents, or 1.2%, to close $29.27 an ounce after plunging over 7% in the previous trading session. March climbed $1.05, or 0.2%, to end at $620.65 an ounce. However, January platinum slide another $19.30, or 1.4%, to $1,407 an ounce and March copper futures decreased marginally to end at $3.27 a pound.

SPDR Gold Trust (ETF)  (NYSE:GLD) fell 0.56 (-0.37%) to $152.33.  Market Vectors Etf Trust  (NYSE:GDX) slumped 0.70 (-1.34%) to $51.68, iShares Silver Trust (ETF) (NYSE:SLV) rose 0.15 (0.53%) to $28.22.

Barrick Gold    (NYSE:ABX) ended lower 0.48 (-1.07%) to $44.19, AuRico Gold  (NYSE:AUQ) lost 0.26 (-3.17%) to $7.93, Goldcorp  (NYSE:GG) fell 0.14 (-0.31%) to $45.35 and Kinross Gold (NYSE:KGC) also dropped over 1%.

Pan American Silver  (NASDAQ:PAAS) slumped 0.87 (-3.86%) to $21.66, Silver Wheaton (NYSE:SLW) fell 0.74 (-2.55%) to $28.33.

Global X Copper Miners ETF  (NYSE:COPX) fell 0.03 (-0.23%) to $13.18, Freeport-McMoRan Copper & Gold    (NYSE:FCX) was down 0.57 (-1.52%) to $36.87, Rio Tinto plc (ADR)(NYSE:RIO) lost 0.50 (-1.06%) to $46.70.