Again traders were attempting to predict the next big move in gold , after the precious metal made its largest one-day fall this month.
Part of the decline was due to the escalating euro zone debt crisis which kept the euro near one-month lows against the dollar, making it more attractive to non-U.S. investors to sell gold.
Adding to selling pressure, U.S. data painted a benign picture of inflation, consumer prices fell in October, the first time in four months. Some investors will buy gold as protection against inflation – but this data suggests that trade isn’t necessary.
All told, those catalysts would suggest that gold wants to go lower. But Dennis Gartman says that’s probably not the case.
”The trend is from the lower left to the upper right – the trend is up - and I don’t see that changing,” he says.
Trader Steve Cortes, however, is on the other side. “I shorted gold,” he says. “As far as I can tell precious metals are way ahead of themselves, way ahead.”
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CNBC.com with wires.