Previously gold probably would've been whacked before such officialdom were speaking - wonder what will happen tonight.
Notice a negative divergence on the RSI for the 1hr, 2hr and 4hr gold charts, with momentum slowing - daily now seems to be heading that way. Could we be seeing a correction towards the end of the week? Time will tell, but I think if it breaks through under 970 significantly, then a fast drop down to the 18 day average around 930-940 is at least in order.
Gold stocks retracing seem to be confirming this, but equities falling across the board make this a difficult indicator IMO.
But if equities rally, I do think we'll see some bids come out of gold as the emotive fear trade temporarily disappears.
