gold support holds!

  1. SCD
    3,438 Posts.
    REUTERS, NEW YORK Sept 23 - Comex gold lost some ground to profit-taking on Tuesday, when the dollar staged a small recovery after massive selling a day earlier, but dealers said gold remained well supported and still had scope to breach seven-year highs...

    "We're in a bull market and we had a bit of a correction today. I'm not sure how much of a consolidation we're going to see. My guess is we're going to try to push this thing higher" said Ian McDonald, Commerzbank vice president and manager of precious metals trading.

    Traders said that while some short-term speculators had tried to tease out stop-less sell orders in their profit-taking spree, funds and others holding heavy long gold positions aggressively defended session lows.

    "I'm not sure that it was just funds, but there was cetainly a lot of buying on the lows today", said McDonald...
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