In a report this morning on the outlook for gold, Scotia Mocatta stated that the yellow metal yesterday “broke a key technical level at $1354 and could now face a test of the October $1315 low.”
The firm noted that while “physical players were quietly but consistently taking advantage of lower prices to mop up available liquidity and place additional orders for more inventory”, gold’s performance in other currencies has also been weak (fell below GBP850 and euro 1000) and this keeps the firm cautious “for the time being.”
Source: Goldalert.Com
