Lest we forget the precious!
This time on Tuesday we were posting about it falling down to strong support at 1254, with a strong consensus on the street that the next suppport at 1205 was under threat and even the stronger level at 1180.
Fast-forward 48 hours and we’re up at USD 1317 having hit 1323 just now as the USD sell-off grabs hold and traders start to rule out a taper completely.
Crazy days and crazy moves but they are what they are and we can’t deal backwards.
Gold daily 17 10 2013
Resistance now seen at 1336 and 1364 with stronger higher up at 1433
Support at 1271, 1250 and ultimately in this retracement the 1180 area again.
Up or down from here ? I’ve got to say that its safe-haven/hug a cuddly status is back for the moment at least, but I favour a sell toward the highs of this range for a move back lower once/if the dust settles.
