"The buying interest has again been largely from the professionals, both speculators and
longer-term investors combined, but it was also noted at the start of last week that physical
buyers had reappeared and were providing support for the market in the low $370s,
suggesting that they were becoming accustomed to the higher range. Early on in the week,
there were attempts to pressure the market through support points, but the physical interest
and some investment-oriented bargain hunters prevented this, and the subsequent turn in
trend may have extended the size and / or speed of the upward move, as shorts were covered
in. Having rallied this far, the market is now facing sizeable selling orders at and above the
highs, which coincide with the highs for the year-to date, registered in February, at
$388-389/ounce."
gold.org
I think gold drop is largely expiration-related, and should probably be a 2-day affair. |
