Also getting some attention this morning is the copper price.
A bearish MACD crossover has been noted and this has prompted Delta Index to call a Sell at 4084, a stop at 4136 and an initial target price is seen at 3986.
"So gold has been trading higher every day apart from one since last Monday, on the back of euro zone debt concerns. It rallied to a seven week high, but that was broken after the Fed announced that they are not likely to expand stimulus measures, which pushed the dollar higher, and in turn caused a gold sell off," says Simon Denham at Capital Spreads.
Trading down at 1544 currently, traders appear to be taking some profit out of the metal as a potential “QE3” is looking unlikely, and more looking towards an eventual rate rise.
Elsewhere on the markets we see that supplies in US crude declined whilst refineries increased operating levels to their highest in nearly a year.
This larger than expected decline means potentially bigger demand, hence the rise in the market.
