may experience a bounce in the next couple
of sessions before taking another leg lower, says INTL FCStone analyst Edward
Meir. "Given how oversold markets are, we have to suspect that we could see at
least a day or two of a technical short-covering bounce before another round of
selling possibly sets in," he says. Spot gold is 0.5% higher on the day in
Europe at $1,547.23/oz, finding support from a more stable EUR/USD. At
Wednesday's four-and-a-half month low at $1,527.24/oz, spot gold was down over
8% since the start of the month.
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