With a fresh lower low and the lowest trade since December 13th in February gold overnight the downtrend of the last two weeks looks to extend.
Certainly, the gold bulls were initially heartened by the failure to sustain dollar gains after a better-than-expected US jobs report but given the lack of definitively bullish internal fundamental storylines for gold, the bull camp "needs" a definitively weaker dollar!
Not surprisingly, investors remain cool toward gold with ETF holdings last week falling by 349,662 ounces leaving holdings down 0.4% early in the new year...[MORE]
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