Jul 18, 2008 (Dow Jones Commodities News via Comtex) --
1611 GMT [Dow Jones] - Some of the recent weakness in gold may be due to its use as an "ATM machine" for other markets, says Larry Bilello, managing director of B&C Trading. August gold is $10.90 lower at $959.80 an ounce and is down roughly $30 from the early-week high. "Money that was put into gold has been sold and put into other things - either margin calls on energies or perhaps the stock market," he says. Technically, gold may have a hard time for now getting above $962.50 to the pit-session high of $963, he says. Support lies around $950. Meanwhile, September silver - down 50 cents to $18.235 - has fallen below support at $18.33, with the next level around $18, Bilello says. (ALS)
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