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Gold lifts to session highs approaching $2,580
Gold has been on the rise this morning and that rise has just now seen the metal reach a session high at $2,579.90. Yesterday gold came under a degree of pressure after the latest US sales data beat forecasts. That data helped to push gold down to a low at $2.560.89 after the European close. It then rebounded somewhat to end the US session at $2,569.50. Today it has lifted from an earlier low at $2,565.81. Of course gold is going to react to whatever the Fed has to throw at the markets this evening and with particular focus on the Yen/Gold correlation in respect of expected sharp moves in the USD/JPY. Right now though we have some short-covering in place. Gold is currently trading at $2,579.70
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