GLD ended last week around $109.50 and ended today just above $109 on light volume. Although the action the last two sessions have been slightly negative, the price action of gold definitely surprised a number of longs last week. Gold held up well to 2 huge and potentially negative news stories last week.
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Short Term Outlook for Gold
After hours today, the International Monetary Fund (IMF) announced that they would begin selling some of their gold inventory using on-market sales. The total amount remaining to be sold is 191.3 metric tons and this will be sold the on-market sales will be conducted in a phased manner over time and in a way to not disrupt gold markets. This perceived unloading of gold pushed futures down $15 in after hours trading



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