Following the biggest drop in almost five months, Gold has bounced hard off its 100DMA as it goes vertical - rising the most in two months. Breaking back above $1700, we can only speculate that this cross-asset class ramp is due to rumors that Bernanke is currently in the lead in Ohio... Spot Gold $1715 as we post...
Since the US equity day session, gold has gone parabolic - we suspect in order to lever stocks up to their pre-NFP levels as the correlation-drivers have been very active...
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Heading back to recent highs...
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Biggest rise in two months...after biggest drop in 5 months...
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S&P futures have levitated on this gold strength to peak VWAP levels from Friday pre-NFP...enabling volume to exit
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Charts: Bloomberg