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Gold has a very close look at $4,300 and rebounds
Yesterday afternoon Gold did manage to rally from the low we noted, just under $4,325. Gold rose back above the prior breakdown level around $4,375, but it could not hold the rebound and fell back from around $4,376.50, setting fresh session lows just above $4,314 ahead of the US close. Gold closed last night at $4,318.19.
Once again it was the combination of stocks losses and rising US yields which did for the metal and a further surge in oil prices yesterday evening did not help either. Well, earlier today Gold fell further and came very close to falling below $4,300. However, as oil falls back and European and US equity futures find some relief, the metal has rebounded.
The range seen so far today has been covered by $4,300.95 and $4,340.95. It is currently trading at $4,336.20
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