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Gold Watch: Keeping the rally alive
Posted on September 10, 2007
Gold futures traded up $2.50 to end at $712.20 per ounce today on the New York Mercantile Exchange. Gold continued its rally today, and analysts are predicting that the price will keep rising, reported MarketWatch. The declining U.S. dollar, increased geopolitical concerns worldwide and a seasonally favourable buying period through year-end, should all combine to a rise above key resistance of $735 before years-end, said Peter Grandich, editor of the Grandich Letter. Grandich said that although gold is due for some consolidation and profit-taking, the very fact that it rose despite widesp...
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