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Gold holds up well even as Dollar gains in Asia today
Gold closed in the US on December 14 at $2,616.86. The metal rose yesterday into what would have been the 4pm London FX fix. The metal pushed towards $2,640. It later posted a US close at $2,633.58. The range seen so far today has been relatively tight, covered by $2,629.00 to $2,637.04. The fact that the USD/JPY is higher this morning has not had much of a negative impact so far. US yields are lower though and that is a supporting factor. Before Christmas the 10 year note was trading at 4.63%. it is trading at 4.57% this morning. Once again the price action continues to remain camped inside its 50 and 100 day moving averages, at $2,665.59 and $2,616.30 respectively and right now those parameters would seem to have the price action surrounded. Gold is currently trading at $2,636.65
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