Spot Gold Price Down 2nd Day in A Row
California gold nuggets
As I write this the spot gold price in New York is $1,375, down $25 from yesterday’s down close.
A firmer U.S. dollar index is adding downside price pressure to gold today. If there is strong follow-through selling pressure and a lower close in gold today, which now appears likely, then a more significantly technically bearish “key reversal” may indicate a near-term market top is in place for spot gold.
Gold’s $1,432.50 record, hit Tuesday, was overwhelming any support from the metal’s initial rally as an inflation hedge after U.S. President Barack Obama announced a deal with Republican leaders in Congress to extend income tax cuts for two years.
Gold is losing some of its luster as speculation of higher economic growth and larger fiscal deficits from Bush-era tax-cut extensions pushes up Treasury yields. The benchmark 10-year yield at one point today, touched 3.253%, the highest level since June 22.
gold detector
