Initially gold went down yesterday as the profit takers continued to put downward pressure exiting their previously bought positions. The early decline in gold was undoubtedly linked to a higher US currency given the inverse relationship between the two with lower crude prices offering some bearish guidance as well. However, it was not for the short sellers who didn't join the show but rather the bargain hunters again pushing gold back up into positive territory. So a late recovery saw the yellow metal gaining $1.90 in a day when silver settled marginally lower. Like gold the white metal managed to recoup most of the early losses as a result of investors buying on the dips.
Gold & Silver