Gold prices are under pressure again today,....>

GOLD: Gold prices are under pressure again today, currently at 1,264 and honing

in on support at 1,262 as the the metal 'catches down' to its fair value implied

by US real bond yields and the broader commodity complex. 

- Bullish speculative positions continue to unwind but remain overall bullish

suggesting further room to bearish capitulation. 

- The ratio of gold over the CCI has actually risen over the past month as the

industrial commodities have plunged. While intraday movements between gold and

commodities do not tend to correlate closely, over the medium term they do, so

recent CCI weakness is yet another headwind to the metal in addition to

relatively high US real yields.