from Dan Norcini:
Gold retreated from that stubborn band of chart resistance up near the $1340 level having failed to maintain its footing up there yesterday and today. There exists some very strong selling at that level, which adds to the significance of that zone. If and when it is broken, it will signify a strong shift in sentiment towards the metal. We will continue to closely monitor it.
Working against gold were several items today. The first is the strength in the US Dollar, especially against the Yen which is down over 1.5% against the greenback as I write this. Also lower are the Euro, Pound and Franc with the commodity currencies also lower. King Dollar is back, at least for today.
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