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Performance of Gold

  1. While it might not be immediately obvious to the casual observer, gold held up quite well last night given that the Dollar Index gapped up and out of its head-and-shoulders base and rallied above its 50-day moving average. On this basis one might have expected a significant fall in POG and the indices.

    Instead, while the spot price and August futures were down a little, XAU was up 2.96 to 62.13. and HUI up 3.83 to 112.87.

    Gold is doing a good job of consolidation (as well as holding up my bed) and is well poised for the next downleg of world markets.

    AnnaP

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