Gold’s off around $24 on the day with a recent low of around $1714 from Asian highs of $1738. A stronger dollar this morning is partly the culprit, but the trend higher still looks intact provided trendline support around $1700 holds.
Latest CFTC from Friday points to speculative investors upping their net long positions by around 23% to 11 week highs.
There’s still good physical buying out of Asia (particularly from India, Thailand , Indonesia and China) and any further negative EU developments will probably spark another round of buying.
Gold’s at $1717 just now
NB: For those who follow Dennis Gartman, his latest play is to swap some of his recent Gold long positioning for Copper apparently
