With a fresh new low for the move in the dollar this morning (the lowest trade since September 1st) and February gold prices sitting just under yesterday's new high for the move, the bull camp extends its control into another session.
However, the trade will face another US note auction today (seven-year notes), and we caution traders against assuming somewhat positive auction results today as was noted from the short-end auction yesterday.
In conclusion, another average auction result and/or a soft auction will thicken resistance over gold and weaken support under gold...[MORE]
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