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Mid-Session Gold Market Report
Fri 08 Mar 2013 16:37:00 CT
Related Keywords: Metals
The gold market started out under pressure in the wake of lingering disappointment from the US Fed dialogue yesterday and it also seemed to be under pressure as a result of ongoing fears of weekend trouble in the Euro zone. However, August gold just ahead of mid session had managed a rally of $22 an ounce from the initial lows and that might have been the result of calls for the Euro zone to implement a US TARP like program. Obviously the sharp downside extension this morning, put a number of technically based gold bulls back on their heels and it could take more than a simple recovery back above yesterday's lows in August gold to even begin to repair the gold charts. With the European equity market close out of the way, the main focus of the gold trade this afternoon might be the action in the US equity markets.

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