Gold Market Recap Report
Wed 22 Aug 2012 14:33:00 CT
Related Keywords: Metals
The bull camp will suggest that another new high for the move today reconfirms the bullish track in prices. The bear camp will point to the inability to fully hold the initial highs as a possible sign of an overbought technical condition. In the end, the US economic readings today weren't as strong as expected and since that came on top of discouraging Japanese export news, the overall outlook toward the global economy was tempered today. In short, physical commodities like gold were at least partially undermined by a less up beat overall environment and perhaps gold prices simply retrenched ahead of the FOMC meeting minutes release. However, gold ultimately seemed to benefit from the FOMC minutes release, as prices forged fresh highs for the day after seeing what the Fed was thinking in their last meeting.

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