None of this probing to the downside will negate the fundamental nervousness the market continues to experience, and the hair-trigger volatility will continue to be an integral feature of the metals complex as news keeps coming at it.
More Quotes from Jon Nadler:
We saw little evidence yesterday that the Godzilla-size footprints of funds bailing out of gold was present. We did see evidence overnight that millions of tiny (individual-investor) footprints make for an equal-size impact on gold -- in the opposite direction.Jon Nadler
Gold burst decisively through the 560 mark...even as many participants are out for the U.S. holiday.
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Buoyed by the Nigerian oil sabotage news and a weaker U.S. dollar, gold has reasserted its safe-haven attributes since last Friday.
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Aside from the amalgam of worrisome news items coming from many corners of the globe ... the investment community is also looking with apprehension at economic news and has nothing to smile about.
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There is that tug-of-war between would-be buyers and the traders who really are squaring the trading logs before we head into the weekend.
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