The Gold market tried to rally early in the session when it appeared as if the markets were going to forge another risk-on trading session.
But,, the combination of soft US durable goods figures, a mid-day slide in equities and concerns for the Thursday German vote on the EuroZone rescue fund might have rekindled fresh selling in Gold.
Gold continues to track its physical commodity market fundamentals, and the failure to support the latest US$440-B Euro fund could put the markets focus right back on a world wide recession in the wake of ongoing turbulence from the EuroZone.
Many players pointed to significant consolidation support in Dec Gold just under the 1,600 mark as a possible critical pivot point over the coming 24 hrs of trade.
Paul A. Ebeling, Jnr.
Paul A. Ebeling, Jnr
Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster's Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.
Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.