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Gold rejects $2,400 at the first attempt

The noted more than $25 slide in Gold yesterday after the CPI data had sent the metal to above $2,378 was nasty, in as much as it caught the immediate buyers off side. However, the subsequent move higher, probably surprised even more players. That is because the metal later reversed all of that fall and more and pushed above the earlier high, and towards $2,400 ahead of the US close. Gold later closed at $2,388.99. Arguably, it only did what it should have done beforehand anyway, but there is no doubting it probably rose more than might have been the case, due the price action that preceded the further rise. Earlier today Gold came close to the $2,400 handle, peaking at $2,397.35. It is off that high now though, currently trading at $2,388.20 

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