Golds is down nearly $35 on the day after stalling again around $1160 overnight. AUD is following on its heels, trading down to fresh session lows at 0.9176.
Aud bounced from 0.9170 lows on Friday before bouncing as high as 0.9325 late in London yesterday. Expect stops to be clustered not far below 0.9170. 0.9120 is further support on pullbacks.
AUD held up surprisingly well this morning despite the Chinese move to raise reserve requirements, the second such tightening action so far this year. Traders were able to suspend disbelief for only so long, and now seem to be getting cold feet.
