gold
Although a lot of dollar-denominated assets have been selling off this
afternoon, gold has been hit the hardest, particularly after moving through the
important psychological level of 1550. There were a lot of stops at 1520 which
exacerbated the move further still. We have seen 30,000 lots of jun13 traded in
last 30mins alone.
We are now through the lows of 2012 and looking at 2011 levels which are at c.
1486. Spot has bounced off 1491 so there is some short-term resistance around
this level.