Gold Down Hard This AM - Today's London Mitsui Gold Commentary)
<< Wow. Gold is lower. The Tokyo market was a seller overnight down to the 268 level, and all of a sudden, in relatively thin market conditions in London (School Holidays), Swiss selling has pushed gold 2.50 dollars lower. 267 saw some good physical buying, but a further wave of selling pushed it even lower to 266, where again there has been good buying. Yet again, technically gold is a purchase down here, and the New York market will open with a gap at these levels, so my heart says it should hold here. However, any further selling will see us breaking 265 possible, as nobody will want to stand in the way of this. It feels like South African producer selling to me, so it will be very interesting to see if the forwards tighten later on. Silver has done nix in the same time, very dull. >>
mitsui-gold.com
In other words it may go up, down, or stay the same ... This trading was all on light volume, so it will be interesting to see what happens when NY opens ... Sorta like when the cat's away, the mice will play. |
