With the dollar posting a three-day high early today, gold lingering near yesterday's lows and holding below the 200-day moving average at $1982.90, the bear camp has extended control.
In fact, a notable Gold ETF holdings inflow yesterday of 136,494 ounces and news that the UK government is sanctioning two of Russia's largest gold producers (Nord Gold and Highland Gold) have been largely discounted by the financial Press this morning. In fact, the UK government indicated they are especially cracking down on Russian gold and oil networks that are providing funding for the Russian war economy!
Unfortunately for the bull camp typical bearish dollar developments are being discounted in the currency trade and perhaps more importantly the prospect of further declines in US treasury yields has been pushed to the sidelines by Dollar traders...[MORE]
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