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Gold hit a new high this morning of $1254.50 on European currency and equity concerns

Gold hit a new high this morning of $1254.50 on European currency and equity concerns. Fed Chair Bernanke hit the wire as well, trying to assure the markets that the US will avoid slipping back into recession. Doesn’t seem as many are listening given another round of early stock gains followed by selling into strength. Stock bulls are doing their best to defend the 1040 level in S&P’s (currently 1046) but need to move higher or will most likely fall under their own weight with a new target of 980.

2010-06-08T22:50:35-05:00June 8, 2010|Austin Mortgage Market|