The market held the $1,400 level yesterday and again this morning but there is a tentativeness to the feel. The continued Syrian debate continues to add “modest” support to the market. The South African gold strikes, continued physical demand, and continued fund inflows are the better fundamental factors. However, “Tapering” continues to be discussed as a possible September event and strong employment data this week may scare the weak bulls. This market will grind and not be any easy ride. Both the investor group and traders will be less committed and more apt to jump from a position on daily headline noise. This will become more a technicians market and maintaining stops and entering on resistance breaks, more the flavor.
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