Gold futures were plunging toward their third consecutive trading session of losses on Tuesday, pulled down by disorder in Greece, the droopy 17-nation currency and the emboldened U.S. dollar, according to MarketWatch.
The commodity complex was under fire amid strong concerns among investors who are apprehensive about the reduced pace of the global economy and the turmoil in Europe, editor Tom Essaye with the 7:00’s Report told MarketWatch.
"Gold is getting to that critical level of support at $1,550, and if you can stand the risk, taking a shot there on the long side probably makes sense," states a report authored by Essaye. "As Europe continues to unravel, the prospect of a full blown crisis will increase, and I think you'll see gold start to absorb some of that money looking for a safe haven beyond the U.S. dollar. So, from a risk/reward stand-point, getting long gold here has a decent case."
At 3:14 p.m. on Tuesday, gold futures were down 0.83 percent, a $13 loss to $1,548 per troy ounce.
Dow Jones Newswires reports the Dollar Index, a metric that gauges the strength of the world's reserve currency against six competing monetary units, notched its highest level since the middle of this past January.
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