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In the last three trading days gold continued to move sideways, but at the same time broke through the 20-day moving average. This pattern will have many of the gold bulls hoping for a break-up in the imminent future.
Once again Asian markets were weak last night, and USD/JPY continues to fall, now down to Y96.11. This should trigger more weakness in the US dollar and therefore help ease gold and other commodities higher.
Yesterday’s comments from ECB president Mario Draghi do not appear to have done much to convince equity traders that the EU is set to improve its economic outlook in the short term, and as such has reduced the chances of negative pressure on gold. However, markets will be willing to give the EU some leeway as far as time is concerned, if it means they will introduce a stimulus package to get things moving.
All of this adds up to a period of stagnation instead of gold making real progress back towards its 2011 highs. In order to see traders move back into this sector we would need to see some negative news taken seriously, followed by a flight-to-safety mentality.