It sure is difficult for gold to stay down when you have the Dollar melting down once again and crude oil going beserk along with the rest of the commodity complex continuing to climb relentlessly higher.
The bullion banks have been fighting this rally in gold for all that they are worth and have been successful in preventing gold from moving back to $1,000 but buying from funds is proving to be nearly as relentless as selling from the price riggers.
All of the commodity currencies, the Aussie, Kiwi and Loonie, are sharply higher as hedge funds chase anything that has a tie to hard assets. Only in gold are their efforts being resisted.
Oddly enough, on a day in which crude oil prices are soaring along with gasoline and the rest of the commodity world, indicating that an inflation play is on, the bond market decided to stage a bizarre rally north. That looks to me to be more like a case of official sector interference to be honest.
Technically gold needs to climb back above the 10 day moving average which also is very near this week's high in price, A breach of that on a closing basis, and gold will run back up to test our old friend at $980. Support is near today's low with better support down near $930.
http://jsmineset.com/wp-content/uploads/2009/06/june1109gold1230pmcdt.pdf
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