Gold pulled back from the highs yesterday helped by improved stock market sentiment and profit taking. The massive flow into Gold recently has raised the specter of additional selling ahead. Flows into ETF’s which has driven the markets recently has ground to halt with the largest SPDR Gold Trust not seeing any increase in holdings since last Thursday.
The JPY has finally begun to weaken with the important break above 95 in USDJPY signaling further weakness ahead. This decline in a safe haven currency indicates either its reduced importance as a safe haven or some risk willingness returning to the market.
Given the incredible long position in the market some caution should be applied near term, especially if $950 on GCJ9 gives way.
Support: 950 937 931
Resistance: 973 985 990
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