Comments from China’s SAFE overnight that gold will not be a huge part of their reserves going forward took more steam out of the sales of the yellow metal, pushing prices as low as $1110 this morning. A stronger dollar is contributing to weaker gold, just as weaker gold is contributing to a stronger dollar. Keep an eye on that relationship today.
AUD/USD dipped briefly below the 0.9060 level where the 100-day moving average lies. Small stops lie below that level while larger ones are perched in the 0.8935/40 area, traders say.
