Los Angeles CA, June 26 (Tangible Investments) — by James O’Dell — Precious metals prices were mixed in early trading on Monday as Gold bounces following surprise flash crash. Gold is down 1.03 percent to $1,243.60 an ounce after gaining $6.60 on Friday to end the week at $1,256.60.

Silver is down 0.81 percent to $16.55 an ounce after gaining $0.15 on Friday to finish the week at $16.68 an ounce. The Gold/Silver ratio fell to 75.34. Platinum is down 1.40 percent to $915.00 an ounce. Palladium is up 1.17 percent to $863.00 an ounce.

Gold was solidly lower at close of Asian trading, hitting five-week lows on Monday, after large sell order triggered stops. It appears Gold tumbled after a large commercial order hit the market around 4:00 AM ET dropping Gold to $1,237.

The sale of 18,500 lots of Gold, and 5,500 lots of Silver on Comex was behind falling prices, said Afshin Nabavi, of MKS. The Financial Times says analysts suggest that a ‘fat finger’ erroneous trade triggered the plunge.

“Clearly somebody sold it by mistake and bought it back quickly, triggering stops below $1,250,” said MKS trader Bernard Sin. “Fundamentally, there is still a lot of uncertainty in the world, with Italian bank bailouts, Trump’s policies and Brexit. The world is in geopolitical chaos and Gold is still good insurance.”

Citi Says Bounce Could Continue

Gold and Silver are both currently at good support levels. The sale caused a flash crash in Gold futures after dropping Gold below both 100 and 200-day moving averages. But Citi says the bounce that followed the drop could continue.

Citi confirmed that Gold was testing a strong support area from $1,233 to $1,237 an ounce. Citi then suggested the commodity’s downward trend is running out of steam. The Commerce Department reported on Monday that durable goods orders in the U.S. fell by 1.1 percent in May.

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