February 15, 2024 - (Gold Market Wire) - A surge in the US Dollar that took us through 1.07 on the EUR/USD put an end Gold's meandering, with a proper beat down. In all we've shed about 2 1/2%, so its not a big deal, and as we've been on the sidelines waiting, there is nothing to report on action for the trading book.

Above we have our failed up trend line, where Tuesday's big sell-off began, and Wednesday's timid touchdown, which aligned with the 100-day moving average. The US Dollar action has abated for the time being, but the reaction of the markets from the USD move was fairly psychotic. Gold fell, Oil got smacked and the general air of panic was overly wrenching. This seems to be a recurrent theme. One thing is for sure: that was not a real sell-off in Gold. The last time we were under 1.07 in EUR/USD, Gold was trading around $1942 - or about 2 1/2% lower. The market remains strong.

For us? Small Spec Long - here.

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