Gold prices started bearishly today, pushing from a high of 1,341 to a low of 1,328 during the first 4 hours of trade. This decrease is surprising as risk appetite was entirely bearish this morning following a series of disappointing economic number releases which drove Asian stocks deeply lower. Hence, we should have expected Gold which has “safe haven” status to climb up higher instead of trading lower. Looking at the sharp decline on Friday following a stronger than expected NFP print, there is no reason to believe that Gold’s inverse correlation to bullish news is no longer in play. As such, the decline in Gold today should be regarded as bearish push in spite of bullish pressure – highlighting the strength of underlying bears right now. - See more at: http://www.forexnews.com/blog/2014/03/10/gold-technicals-strong-bears-seen-short-run-long-run-uncertain/#sthash.Sgz5s8i0.dpuf
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