Gold is at the lows of the day, down $22 to $1281 after touching $1279.55.
The newsflow isn’t especially bearish for gold. Better signs from Italian banks remove some of the tail risks from Europe and slower Chinese gold imports from Hong Kong are getting some attention but the Lockhart-led retreat from tapering is bullish for gold. The dollar is generally softer as well.
The declines are more technical at this point as gold fails to definitively break above the 55-day moving average and now breaks Friday’s low. The mid-July lows lend support down to $1268.
Gold daily
