China sets up largest gold fund, page-80

I would say that what stabalised numbers were the dovish minutes of the Bank of Japan monetary policy meeting. The Yen weakened and demand for gold stabalised. We have the third biggest economy to thank for that. However, the market will go backwards on the words of Lacker who has stated the case for a June hike is strong, making him one of the more hawkish chairs of the fed. In the American session these words will encourage a flight from gold and the greenback will strengthen if not sooner leading into the session. Tonight will be a test of the 1180 level of support. It is somewhat rediculous how the market reacts to these speeches because each of them says something different, but so be it... The flavour for the day is sell gold buy dollars. This may embolden more technical sellers who see the next level of support down at 1140. Despite this to and fro Ozzy gold and foreign gold with weak currencies will be unphased by the words of Lacker. I keep my position in anticipation of the destruction of assets embroiled in debt and yield.