Gold bounce hard to read

Gold jumped 3% overnight … but volatility is set to continue.

Gold was the big winner last night from the threatened US debt default.

But a $US40 an ounce (3%) bounce in the price to $US1,320/oz is likely to be more about short-sellers covering their exposed positions than the start of a long-term rise. Indeed, by this afternoon, the gold price had started to drift lower again.


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