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Risk aversion stemming from Islamic militants' attack on Paris and increased bombing in Syria failed to gain traction and equities rose globally yesterday after drop in early Asian hours.
As equities continued higher, Gold has taken opposite course, dropping below $1080/troy ounce. Gold is currently trading at $1177/pound, declining after making high around $1185/troy ounce.
Unless severe geo-political tension, which at this point seem unlikely gold might continue its drop towards $1050/troy ounce area.
US CPI data wasn't of much help either. Consumer prices rose by 0.2% in October and same for the core components. Yearly prices remained stable, growing at 1.9%.
Even Redbook index was better than prior, up 0.8% from a month ago.
Unless, Gold breaks above its downward sloping channel, which has been in place since April 2013, gold is more likely to test channel floor around $1050/troy ounce area.
