Five minute prints via FinViz
This is tradable to the upside for the nimble. $1372.80, last, maybe $1405 as a target.
From Reuters:
Gold reversed early losses on Thursday, buoyed by bargain hunting in China after a five-day losing streak, but remained under pressure as holdings in exchange-traded funds tumbled to their lowest in four years.
Rallying stocks also hurt bullion's appeal as an alternative investment, although tight physical supply in the world's largest consumer India could offer some support.
Gold was flat at $1,392.26 by 0616 GMT, having slipped to a near 1-month low at $1,386.89 in volatile trade. Prices have fallen more than 16 percent this year and are well below a record high of around $1,920 struck in September 2011.
China, the world's second-largest consumer, bought a large amount of gold on Thursday morning after prices fell by more than $20 overnight, said Peter Tse, director at ScotiaMocatta in Hong Kong.Yesterday:
Premiums for gold bars rallied to all-time highs in Hong Kong - China's main source for gold imports - on Thursday after bullion's steepest drop since its April sell-off fuelled another round of buying, constricting supply, according to dealers.
Gold bars in Hong Kong fetched premiums of up to $5 an ounce over spot London prices, up from $3 an ounce last week.
"The Chinese are buying because of lower prices. But India is not buying as much because of new rules," Tse said.
The Indian central bank earlier this week banned gold shipments by banks on a consignment basis except to meet genuine demand from jewellery exporters, prompting a sharp jump in premiums for physical gold....MORE
As Indian Central Bank Restricts Gold Imports Spot Falls to a Three Week Low
Reserve Bank of India Launches Inflation Bonds to Reduce Demand for Gold
Gold Down $30.00 as ETF's Could Dump Another 4,000,000 Ounces
