Gold is down $11 on Thursday after a five-day, $50 rally.
Yesterday’s rally briefly topped the June high of $1224 but it couldn’t hold the line and I warned of a further pullback (and closed out my longs). I continue to look for some consolidation around $1400.
Given the weakness today, there may even be further downside toward $1385. The GDP number makes a taper more likely and Obama’s comments on Syria make it clear the US plans limited action, not an extended campaign.
gold daily chart
