“The $ is showing a bit of strength, which is why gold is continuing weak, but the main reason gold has fallen lately is because there has been a 30 tonne sale of gold by one of the Central Bank Gold Agreement signatories last week and probably sold some more this week. We believe this selling has now stopped, but on the back of it long-term investors sold 36 tonnes, before picking up 10 tonnes earlier this week. This has left the market churning waiting for direction.

The time for selling is running out as it is less than a month before the physical gold season begins again.

So expect more consolidation next week.”- Julian D.W. Phillips, www.goldforecaster.com