After having once again failed at the $1,696 resistance level on Wednesday, gold prices headed lower for a third straight session this morning. In the process, the pivotal 200-day moving average price near the $1,608 level was breached by sellers.
A day of recovery was apparently in the making in the precious metals markets as the complex opened solidly in the "green" against a pullback in the US dollar and rising optimism that Europe would live to see another day
Some think the illiquid rhodium market may be in the grip of the sort of professionals who inflated palladium to an incredible bubble at the turn of the century. Others think the price spike above $2,000 an ounce reflects healthy fundamentals.