Gold Profit Taking This A.M.

Gold profit taking this morning after yesterday’s rally on dovish FED comments. FED governors seem to continue to press for rate hikes while the global easing continues. Sounds like there is total disagreement on rate hikes in the FED conference room with Janet Yellen having the final say. Holding back from making any commitment on any future rate hikes.

Profit taking also seen in the gold ETF overnight as seen in strong outflows in the gold fund position. Interesting though silver ETFs enjoys new highs as retail investors seem to be more attracted to silver over gold.

Lacking any news, gold and silver prices seem to be settling down as the market waits for Fridays official March employment report. Expected to show the labor market added another 200,000 jobs.

In the meantime, in the absence of any significant news I expect the market to be range bound.

Have a wonderful Wednesday.

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