Consecutive weeks of strong selling in gold are symptomatic of a stronger US dollar more than a gauge of risk and liquidity. When plotted in the weaker currencies of 2013, such as JPY and GBP, gold is up for the year. For the time being, the precious metal is lacking strong signs of a base and this potentially warns of further USD strength into next month. However, gold has not slipped beneath its range lows in place since 2011 and is far from posting sustainable signs of weakness.
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Barclays