2010-01-14

Gold erased the gains of Monday as selling triggered stops















Gold erased the gains of Monday as selling triggered stops. The move wasn't precipitated by anything in particular, however momentum faded then stops were triggered at $1,140. With gold pushing lower we are seeing very good physical demand coming through and as a result we expect the metal to remain well supported around the $1,114—$1,120 level. However, we are also seeing good selling above $1,1130 which makes us believe gold is going to find it difficult to push higher after yesterday’s sell-off.

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