Gold is continuing its slide today as futures trade down nearly 2 per cent.
The chart is pretty ugly:
[credit provider=”FINVIZ” url=”http://finviz.com/futures_charts.ashx?t=GC&p=m5″]
These levels mark the lowest price gold has traded for since August.
In a note to clients this morning, Deutsche Bank commodities analysts wrote:
The gold market remains one without a clear catalyst, and in fact we would expect that prices could remain below the USD1,700/oz level while negotiations over the US fiscal cliff continue and the outlook remains uncertain. Once clear, we would expect that gold could move higher, likely towards the upper band of its recent range, USD1,750/oz.
Meanwhile, stocks are getting a nice lift.