In precious metals as we had anticipated gold tested 295 dollars/oz on the upside and failure to close above this level brought it back towards 290s dollars/oz. Quite frankly gold has done better than we expected on the downside as it avoided a serious test of 285-88 dollars/oz key support band. If Yen re-enters the 130-35 range expect investor buying towards key 300 dollars/oz levels on the downside a sell-off is unlikely as long as gold is comfortably above 285 dollars/oz level.
NSTL
