UBS: Gold upside breakout hopes dashed; platinum too

|By:, SA News Editor

'The gold market is lacking enthusiasm and interest," say UBS's Edel Tully and Joni Teves, noting the metal's failure to respond to the weak payroll data last week. "With hopes of an upside break now dashed, collective sentiment is firmly back in the bearish camp."

The two extrapolate gold's sour mood to platinum: "The early-2014 price rally has now become stale. Platinum seems to be running out of steam around these levels, and spillover weakness from gold would be enough for platinum to give in to the downside from here."

Gold ETFs: GLD, IAU, PHYS, SGOL, UGL, DGP, GLL, DZZ, UGLD, DGL, DGZ, AGOL, DGLD, GLDI, TBAR, UBG

Platinum ETFs: PPLT, PTM, PGM