Gold under continued pressure this morning with the price stopping right at the next level of support at $ 1215.80 in the April contract.
The next level we all should be concerned with if we head in that direction will be the fifty and one hundred day moving average at $ 1210 spot area. I expect gold sell stops to be placed just below that level.
Not helping the price of gold this morning are a slightly strong dollar and an up tick in the ten year US treasury yields.
On another note China reported for the fourth straight month that have NOT added any gold to their reserves.
Some Wall Street gold traders still on the sidelines for the time being but one guy said this
morning if we break thru the $ 1215 area he expects the market to test the support level I indicated above.
All this chatter about multiple rate hikes this year continue to chase away any long term buyers
from the market.
Have a wonderful Tuesday.
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