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As Gold fell back below the prior intraday low yesterday afternoon an update suggested it might fall further below $2,740 provided it failed to climb back above the breakdown level, at $2,747.40. Well, that is exactly what the metal did. It fell further towards and after the 4pm London FX fix. Gold hit a low around then at $2,730.58. A modest rebound into the US close saw it end that session at $2,740.81. The price action so far today has been sideways, inside a range covered by $2,737.98 and $2,745.33. The rebound in the USD/JPY and a certain degree of relief across the broader equity markets has so far ensured no meaningful rebound. As far as explaining the reasons behind the relapse yesterday, perhaps we might look at the liquidation of profitable Gold positions in order to cover tech stock losses? Gold is currently trading at $2,739.45
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