The Line Every Gold Trader Is Watching
Submitted by Tyler Durden on 08/22/2013 17:01 -0400
From Indian leases to negative GOFOs, from Chinese physical demand to Western bank paper gold deleveraging, and from practical mining cost floors to the ongoing playing out of the grandest experiment of monetary policy in history; there are a plethora of drivers for the price of the precious metal. But, for now, the only thing that counts is the 100-day moving average as gold prints itsfirst positive closing breakout of 2013.
This close above $1367 is the first since 12/12/12 and a positive technical indicator likely to bring the momo crowd in.