08-14-2011, 10:20 PM
Today we may see some profit taking in gold. Gold will remain positive as long as it trades above $1760. Down below $1760 could touch $1740, $1710 and $1677.
Fundamental: Gold dropped below $1800 level after hitting a new record high of $1817.60 as CME margin’s were hiked. The CME Group raised margins for trading Comex 100 Gold Futures by 22.2% after economic worries in the U.S. and Europe sent investors rushing for refuge in bullion and pushed volatile prices to records. Historically when margins are raised significantly it tends to cause a bit of sell-off.
Fundamental: Gold dropped below $1800 level after hitting a new record high of $1817.60 as CME margin’s were hiked. The CME Group raised margins for trading Comex 100 Gold Futures by 22.2% after economic worries in the U.S. and Europe sent investors rushing for refuge in bullion and pushed volatile prices to records. Historically when margins are raised significantly it tends to cause a bit of sell-off.
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