The dollar keeps climbing ahead of the Feds and that is putting pressure on gold. Support below 583 is 580.50 and 578.35. I am not sure Feds will not lower in 2007, but the currency market is now placing reverse bets on Feds holding steady through next year. Inflation is a problem, but the gold market is reacting to the fact that dollar traders are bullish in their belief the Feds will sustain high rates.
This entry was posted
on Tuesday, October 24, 2006 at 12:50 AM.
