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Gold slips to session lows underneath $2,320

Sometimes trying to connect the dots in this game is like trying to get ice cream to stick to a glass window and more recently that has been the case, when it comes to some usually correlated moves across FX, bonds, stocks and commodities. Today looks like no exception in that respect and that is probably due to the month-end. Now yesterday gold refused to fall back even as the Yen fell past 160 against the dollar. That said, it also refused to rise when the dollar slid below 155. However, it is just now hitting session lows, as it dips below $2,320. Gold had closed in the US last night at $2,335.66. Once again, it could be month-end position squaring that is at play this morning? Gold is currently trading at $2,320.50 
 

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