Gold continues to loose ground suffering from a market that has been caught with too much of a onesided bet. Crucial support at the $890 to $895 should cap the market for now. A break below could see a quick run down to 848,70 being 50% retracement of the whole Oct 08 to Feb 09 rally.
Gold prices have come under pressure because investor inflows into gold exchange traded funds (ETF) have stalled, leading to uncertainty about the market’s outlook as other demand drivers, jewellery consumption and industrial usage remain weak. The sharp fall in stock markets on Monday may have forced some hedge funds to close long gold positions in order to pay for higher equity margin calls.
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