Sitting in while Roy Friedman is out for two weeks, is Peter Aan, a Dillon Gage Metals Trader. Here are his Market insights:
Gold closed higher on Friday, but well off its daily high. Buying pressure was renewed in the overnight session and early trading today, but we remain within last Wednesday’s range. The market is still oversold, and the short-term trend remains down. A close above Wednesday’s high of 1238.7 (basis the April contract) would be the first sign that the trend may change. If prices falter and recent lows are taken out, we should continue to keep the Jan 2 low of 1168.3 in our sights.