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Gold Watch: Euro collapse pulls down gold
Posted on June 23, 2008
The August gold contract closed down $16.50 at $887.20 an ounce on the New York Mercantile Exchange. MarketWatch reports: Gold futures closed with a loss of almost $17 an ounce Monday, giving back part of last week's gain of nearly 4% as strength in the dollar dulled the precious metal's investment appeal. Gold has moved to a short-term overbought condition on widespread ... expectations of a breakout, said Ned Schmidt, editor of the Value View Gold Report. Gold is likely to test the $850 level as the Federal Reserve fails to feed the dollar bears, but that price, would represent a bu...
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