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Gold Technically Damaged but Fundamentals Remain Sound

Posted on February 08, 2010

Gold: Gold closed lower in US trading on Friday at $1,057/oz. It traded sideways in Asian trading prior to jumping from $1,066/oz to $1,073.50/oz in early trade in Europe. Gold is currently trading at $1,070.20/oz and in euro and GBP terms, gold is trading at 783/oz and 688/oz respectively. Gold s 2.7% fall (in US dollars) last week led to further technical damage and may embolden some traders to short the market. However, the supply demand fundamentals remain sound and could see gold supported above previous resistance at $1,030/oz. Especially as interest rates remain near zero and ma...

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