Will 8th Time Be The Charm For $1,400 Gold?
Update: the valiant $1400 defense failed. Gold at $1405 now
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It seems defending the critical levels we highlighted on Friday remains the market's mission today.
Only levels that matter AAPL over $500, DJIA over 15,000, gold under 1400
— zerohedge (@zerohedge) August 23, 2013
AAPL over $500, check! Dow over 15,000, check! Gold under $1,400, check... for now (oh and Silver under $24, check). We can't help but wonder who the magnificently positioned 'trader' is that keeps wiping away the bid-stack every time we touch $1,400 - especially as the contrarian in us notes that more than half the analysts in Bloomberg's survey expect price to fall (the most since just before gold bottomed nine weeks ago)... With Kerry's briefing appearing to raise the chances of war, it will be tough for 'them' to defend this push...
Will 8th time be the charm?
Perhaps given the 'bearishness' of analysts...
and WTI is rising against Brent now...
and stocks slumping...
Dow lost 15,000
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