It seems to be a gloomy day in the metal markets with AU, AG,PT, and PD trading on the downside.

It seems to be a gloomy day in the metal markets with AU, AG,PT, and PD trading on the downside. Earlier this morning Iran and six major powers agreed for Iran to halt its nuclear program. As a result, oil prices have declined and the dollar is on the rise this morning. Gold fell approximately 1% after the Iran deal was sealed and continues to face downward pressure as investors are concerned that the Fed could begin tapering as early as next month. The next support level for gold is at 1209.40. As you can see the overall sentiment for gold is bearish and investors continue to pay close attention to key macroeconomic data. The short term relative strength index indicates an oversold market for AU & AG.  Pending Home Sales (MoM) figures come out at 10:00 a.m. and we are just 3 days away from Turkey Day!