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Gold – Yellow metal turns green

Posted
10/15/2013 8:11:00 AM
By: Emerging Money
Referenced Stocks:

Gold remains heavy this morning with a deal in Washington tantalizingly close.  Pressures on spot prices are coming from ETF flows ( GLD , quote ), as well as institutional sales.

Image courtesy Oleg Volk: http://commons.wikimedia.org/wiki/File:Gold1oz.jpg This morning gold heads through $1,260 and despite holding flat yesterday is now down -4.5% over 6 sessions, as DC talks evolve.

Gold's June low of $1,200 will be tested as a 6 month can kick down the road likely will defeat all the yellow metal.

A break of $1,258 on the charts will quickly send god to $1,235.  Call interest appears around $1180.