AUTOREFRESH 
Gold under renewed pressure
By Jamie Coleman || March 10, 2010 at 17:23 GMT
|| 12 comments || Add comment
I’m not sure of the catalyst but gold has come under intense pressure over the last 45 minutes. It broke modest intraday support around the $1120 level after reaching session highs of $1127 just moments before..Stronger support at $1110 has given way as well. 1088 is the next decent area of support.We trade now at $1108 after bottoming at $1104.
UPDATE: We’re hearing speculation from AUD/USD traders that there has been central bank selling in gold in the last hour…
Haste is waste, would got my answer if I waited a minute…;)
thank the lord i closed my audjpy long from 83.25 just before leaving work. id have been in tears after getting home to see that
Last night I watched Charlie Rose’s interview of the Greek PM, George Papandreou, and there was an interesting ‘one world government’ theme in there re: climate change, global financial crises, etc. If that sentiment is taking shape, and if gold gets some of its premium as a panic play in response to sovereign policy failure, then governments don’t really have an incentive to signal to the world that they don’t have things under control. Or, who knows, it could just be that they’ve decided they’ll buy at the next big dip around 1050 or so… More interestingly on the commodities front, oil got a serious beatdown at 83… perhaps usd/cad is putting in a short-term bottom as well… if 1.022 is retested and holds that may be a good trade to 1.05 or so…
I watch a few minutes of Papandreou…he’s a fabulous sleep aid…
For a government/ruling class that’s been corrupt as hell, he’s a solid front man…
There’s something unnerving about a Greece PM from Minnesota … the lack of any accent combined with American roots running the place with populistic phrases bodes a questionable future for Greece, no?
I guess if an Austrian bodybuilder, who’s father was a Nazi, and who also is quite the populist, can be governor of California… then maybe Greece and California are in the same boat after all
Of course, Californian companies probably have a little bit better track record of innovation. And technology does continue to change and get smaller and faster and cheaper, and create new industries. I’ll put my money on the governator! 
Gold, copper, silver, oil are all lower. Dollar index is higher after bouncing. Gold maybe peaked.
thomasio–I had no idea…I thought his English was good…
Oh certainly his english is excellent, but I don’t regard him as PM material – I see him as incompetent in the past and with his current PR tour, he’s trying to deflect from the real issues, by getting photo ops with any anti-bank/hedge fund sympathetic ear, to razzle & dazzle back home. Don’t get me wrong, no country should have their people’s forced into bankruptcy because of the actions of an incompetent few … that systemic and societal changes in Greece (like many other countries) are necessary, there’s no doubt.
Dark days ahead for civil servants and pensioners, that’s for sure. Including in the US…
Change takes a long time, and people have to want it first. Most people get their looks, disposition, religion/beliefs, politics, and yes money, from their parents. The Greeks have a proud, old, irrational but lovable culture- fakelaki and all that is built into it just as much as souvlaki. Anyhow, people are great for saying one thing and then doing another. We’ll see how much change the Greeks can handle before serious riots erupt. Bush devalued the dollar so much people forget that fair value for eur/usd is about 1.20.