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Gold finds a base around $2,675 for the time being
As Gold fell underneath the $2,700 handle yesterday an update here noted that someone of size off-loading a good deal of the metal and that later led it down to a session low at $2,675.30. It did rebound slightly into the close, ending the US session at $2,680.73. The price action so far today has seen it rebound from a session low at $2,678.97 to $2,692.85. It remains to be seen what, if any impact the USD/JPY and US yields might have on the metal today, because quite often this week it has not. Technical support is in place right now at $2,671.12. That is the price point of the 50 day moving average. Gold is currently trading at $2,689.65
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