Interesting to see a sharp short-covering rally in Gold in late NY trade, after the bears had another shot at important support near $1525. The market is anticipating some solid bids from the like of the Bank of Korea and therefore didn’t want to be overly short heading into Asian trade. Macro hedge funds are reportedly long of PMs in quite significant size and many will have stop-loss orders just below $1500, and this is what the shorter-term players are trying to trigger. Looks like we should have some interesting cut-n-thrust in Gold over the next few days.