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Gold pressure continues
Gold has been well and truly under the hammer since dropping below $1900 last week. The metal had already crumbled into the monthly and quarterly close on Friday, when it ended the week at $1,848.63. It took a further hit yesterday and more again so far today, as the combination of a weaker Yen and higher US yields continues to weigh on its attractiveness. This all about the cost of carry for wholesale positions and it is biting for sure. Gold closed in the US last night at $1,828.03. It has fallen back to as low as 1,815.30 so far this morning, as the Yen continues to weaken gradually. The earlier high was set at 1,829.61. Gold is just now trading at $1,819.50
Market News
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EUR/USD rebounds into the 4pm London fix after Bundestag passes fiscal reform bill
The EUR/USD is on the rebound again just now. The gains come after it had earlier fallen to 1.0893. Subsequent to that fall the German Bundestag... -
US stock markets open lower this afternoon- check out the S+P 500 futures
The US stock markets have just reopened and it has been an across the board lower start to the session. The Nasdaq 100 has just kicked off at 19,657...
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Gold rises above technical resistance to set a new record high this afternoon
Since the last update here on Gold, the metal has now tested and taken out the noted trend line resistance level, in place around $3,029 per ounce...
