On Friday we noted a something like 20-month old uptrend line on the daily charts. With today’s weakness, we’re approaching that level, today at $1175. We’ve been as low as $1177 in the cash and trade now at $1181.
Does lower gold and renewed Euro buying by central banks signify that business is getting back to usual and systemic risk is dying down? Yes, it does to me, but the slowing US economy clouds the matter, presenting the market with a new set of risks…Just not imminent sovereign default…
