This post was the morning capsule published on ZYX Buy Change Alert.
The group of 20 largest economies (G-20) has begun their meeting in Moscow. A draft communique by G-20 shows a pledge to refrain from competitive currency devaluation.
Gold and silver have fallen out of bed on the news.
Adding to gold’s woes, the CFTC Commitment of Traders (COT) data shows that bullish traders have dramatically cut their positions.
The latest 13F filings show that George Soros cut his holding in GLD and Moore Capital liquidated all of its GLD holdings.
We will update technical analysis of gold later in the day.
Gold futures are at $1612, silver futures are at $29.97, and oil futures are $96. 27.
S&P 500 resistance levels are 1530, 1537, and 1550; support levels are 1513, 1500, and 1480.
DJIA futures are down 9 points.
