It is almost palpable on Wall Street today, as the price of gold gets hammered, and the corresponding ETF falls through its 50 day average. The CPI data released yesterday has the inflation goons running for the hills today. The broad market is showing its resilience, climbing higher, as expectations for a rate cut by November gain traction. Gold bugs are selling aggressively today - and it looks like the ETF may find support around it's 200 day moving average, which is approximately 63.
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