2011-01-06

Solid US macroeconomic data triggered a significant sell-off in gold

Another round of solid US macroeconomic data triggered a significant sell-off in gold during Tuesday afternoon as sentiment towards the US economy continued to improve and demand for a perceived safe-haven asset dissipated. Profit taking was likely another a factor behind yesterday’s move, with gold finishing the day below $1,380/oz and back around its pre-Christmas levels.
The capitulation in gold during Tuesday afternoon also spilled over into silver, which finished the day below $29.50/oz. Interestingly, while silver has continued to decline heading into Wednesday afternoon, gold has managed to find its feet, trading sideways around Tuesday’s closing levels. The market has been fairly quiet, but also remains choppy as participants assess yesterday’s price action.

Gold support is seen at $1,377 and then at $1,372 while resistance is seen at $1,396 and $1,409.

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