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Gold still under pressure this afternoon
Since the last update here on gold, the metal has fallen back further and a short while ago came close to busting below $1,940 for the first time this week. The low print seen so far has been at $1,940.93. That means it has fallen back closer to its 200 day moving average (now at 1,934.77). The fall in the metal is slightly at odds with pre-weekend risk dynamics, but then so are quite a few things unfolding this afternoon that seem slightly out of kilter. The European stock markets are doing then very best to unhinge the opening gains in the US and those stocks are being driven back by further losses in the likes of the DAX (now below 15,200) and the FTSE. The dollar is trying push higher as well. Gold is currently trading at $1,941.50
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