The gold market has sold off in recent weeks as the USD takes a serious charge against other currencies to liquidate the market from $1,158 to $1,085.  There is a huge support level at $1,070 and this should be used to bottom feed the market if it gets backj down there.  looks like the Euro/USD has found a bit of a bottom at $1.40 so that should help steady the price of the Gold market for now.  It is amazing that Gold hasn’t sold off more on the move in the Euro/USD from $1.52 to $1.40.  Gold is only down $120  or 6% in that time.

This entry was posted on Monday, January 25th, 2010 at 6:04 am and is filed under Metals. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.