Gold and other PMs had a sell off yesterday. I guess Cyprus telling to (partial) sell their gold reserve can be seen as the trigger.

The decline took place yesterday on huge volume so it will be interesting to see what happens at the beginning of the week. Price pattern is bearish closing below USD 1500 (see support levels below) but I’m still somewhat expecting a nice rebound when the smoke settles.. One interesting thing is, will there be margin calls? Another, will China & Co. accumulate..? Time will tell.

GOLD support levels

GLD sell off with huge climax down bar

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