Thursday, January 14, 2010

Gold Drifts, Dips, Recovers, Then Advances Slightly

After benefitting slightly from the disappointing jobs and retail-sales reports, gold has drifted downwards again. Moving back to the $1,136-$1,139 range, after blipping up to almost $1,142 at 9 AM, proved to be a prelude to the gold price sliding down to little more than US$1,130 as of 11:20 AM ET.

Perhaps oddly, the U.S. Dollar Index has been in a holding pattern in the same timeframe. It hasn't bested 77 since the 9 o'clock dive, putting it below the days' high of 77.028 reached at about 7:30 AM ET.

Update: As it turns out, the late-morning decline was erased, and gold forded higher than the 9 AM ET high. (If some big player's trying to manipulate the market downwards, he or she must be gnashing teeth right now.) Gold bested the $1,140 level as of about 1:30 PM, and then retreated slightly to establish a trading range with $1,140 as the floor. As of the time of this post, spot gold's at $1,141.50.

The U.S. dollar index sunk, making a day's low of 76.673 at about 2 PM ET. It recovered later and is also in a trading range centered at just below 76.80. The day's low was higher than yesterday's low of 76.596.

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