Gold
The cash finally closed above the 10-day moving average on Wednesday (first time since November 4), and followed up with a close above the 20-day in the very next session, but was not able to hang on to it. Come Friday, resistance at $1,165-70 repelled a rally attempt.
Gold bugs nevertheless should be happy that the cash saw a first up week after seven straight down weeks.
Once bids begin to show up, this potentially at least puts a stop to the persistent outflows the SPDR Gold ETF (NYSEARCA:GLD), has experienced of late. In the week ended Wednesday, the ETF only lost $43 million. This was the seventh straight week of redemptions, during which $5.1 billion was withdrawn (courtesy of ETF.com).
December 30 COT Report Data: Â Currently net long 98.3k, down 16.5k.
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