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A new low on the week for Gold as it dips below $3,050 (corrected)
Gold has just now set a new low on the week as it falls below $3,050. That is now some $80 below the high seen earlier, when it topped out at $3,136.70. The lack of traction this afternoon seems to suggest that there is further selling of long Gold to cover losses in stocks, because there is no other plausible reason otherwise to try and explain the falls right now, apart perhaps from glancing across at the USD/JPY and seeing that higher right now. The low seen so far has just been set at $3,048.45. It is currently trading at $3,051.20
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