| Large scale speculators in gold futures added massively to short positions – bets that prices will fall – ahead of Wednesday's Federal Reserve meeting that will to set the tone for the gold market. On Monday the gold price held above the crucial $1,150 an ounce support level – likely to be severely tested in two days time if the US central banks' Federal Open Market Committee pronouncements on rate hikes foresee a sooner-rather-than-later scenario.
The gold price closed below $1,150 during only two sessions in early November, but soon bounced back. For a sustained period of sub-$1,150 gold you have to go back to April 8, 2010...............................................Full Article: Source
|