Marshall Auerback: Get Ready For the Gold Rebound Before it is Too Late

(Before It's News)

by Ed Steer
Ed Steer’s Gold & Silver Daily

Yesterday in Gold and Silver

The gold price was under light selling pressure during most of the Far East trading day on Wednesday…and this pressure intensified shortly before 10:00 a.m. in London…and the low of the day…$1,603.40 spot…came about 1:15 p.m. BST…or about five minutes before the 8:20 a.m. Eastern time Comex open.

From that low, the gold price tacked on a quick fifteen bucks by 9:40 a.m. Eastern time, which may or may not have been an early London p.m. gold fix. But from that high tick…which was $1,617.90 spot…either the price got capped, or the buyer disappeared…and the gold price chopped lower into the 5:15 p.m. close of electronic trading in New York.

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