Technical Read: It was a tough day for the CTM website today. Gold prices were under considerable pressure all day with the GLD fund down almost 3pts (that is big) at its nadir. We are now at the approximate levels of the first day after the Swiss National Bank’s surprise announcement to remove the franc peg for the euro. On the plus side, we should pick up some support (buying) at current levels. More to follow as we move forward. If we pick up support here the buy signal should still be viable.
- Catalyst 1 – The S&P 500 moved lower, then bounced off support (1990), then bounced higher for the close. All the day’s action was within the recent trading range. Still Neutral for gold.
- Catalyst 2 –The US dollar managed to tick up today. Though generally in an uptrend, action over the last couple of days has been range-bound. Neutral for the yellow metal.
- Catalyst 3 – Crude price came under pressure today as well. It managed to close below the Jan 13th lows, triggering headlines. This was negative (deflationary) action for gold..
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