The shiny yellow stuff’s lost it’s lustre today on a morning of broad risk aversion (see Gerry’s wrap), slipping back almost $20 from Asian highs around $1725.70.
We’re now below the 55 day MA currently around $1713.75 and there looks now to be some draw towards talked of large option strikes rolling off today at $1700. The bush telegraph’s saying an Eastern European sovereign ‘s been behind the fall, but the metal also been weighed down by US December WTI Crude oil which is down around $1.25.
On the downside Gold’s just been dipping into the daily Ichimoku cloud top around $1711.90 with the base around $1669.40 ahead of the 200 day MA at $1663.10.
Spot is currently trading around $1710.40
