Gold futures have been trending lower in recent weeks after failing to breach the heavy band of overhead resistance from $1,790/ounce (oz) to $1,800/oz. Gold put in a swing low of $1,698.70/oz during Wednesday's session.
Now, I do not think that fundamentally anything has changed. What we have seen recently is a general period of "risk-off" trade, which has affected everything from the equities markets to gold to grains.
And as I have stated, this should come as no surprise. After all, we are looking at a very tight presidential election, we have the "fiscal cliff" issue to deal with and earnings have largely been a disappointment at this point. . .View Full Article