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Gold drops towards earlier session lows as momentum wanes
As the dollar picks up steam and the Euro falls and the GBP/USD drops below 1.2550, Gold has also fallen back. Perhaps it should have fallen back earlier when the US treasury yields hit a session high? Well, it is falling back now and just this minute it has fallen below $2,620 per ounce and hence very close to the earlier Asian session low at $2,617.58. There is a risk that a fall below that level might trip stops, but that is also not guaranteed of course. Gold just traded to $2,619.50. It is currently trading at $2,620.90
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