Clearly the gold bulls needed Bernanke to promise additional easing and while the Fed left open the timing of such a move, the trade seemed to take for granted that the easing would come in the next FOMC meeting. In addition to support from the Fed, gold probably saw some support from declining EU anxiety and soaring US equity market action. News of a possible change in leadership of the Bundesbank prompted some traders to suggest that the implementation of a European bond buying program might be in the cards soon. With such significant compacted upside action today, some of the buying might have been the result of technical influences.
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