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Gold loses out to tech stocks- important levels to note lower down
Yesterday gold took a hit coming into the 4pm London FX fix. The metal slumped almost $30 in pretty short order. The reason for that seemed to have little to do with US yields or the USD/JPY. It looked like stops were tripped by robots sub $2,370 and that led to a low at $2,351.17. It did later rebound slightly into the US close, ending the session at $2,359.13. It looks like longs were liquidated yesterday owing to the risk dynamic and gains in stocks. The metal has tried to rebound a bit more earlier today, but it has just now stepped back from an earlier session high at $2,368.83. Perhaps a break below $2,350 today (if seen) might open a retest of the 50 day moving average? That is in place this morning at $2,342.10. Gold is close to session lows right now (2,358.56), currently trading at $2,360.15
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