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“Tug of war” in gold as Asia buys physical and ETF investors sell

Posted on 07 March 2013

U.S. dollar prices to buy gold hovered around $1,575 per ounce Wednesday morning in London, in line with last week’s close, as dealers in Asia reported an increase in demand for physical bullion, in contrast with exchange traded funds, which have continued to see selling, in what one analyst calls a “tug of war” between physical buying and ETF selling.
“Short-term, gold should drift lower to the short-term support line at $1,569/65 or even to the previous low at $1,555,” say technical analysts at Societe Generale. “Initial support is at $1,564.88,” adds UBS. “A break below [that level] would expose $1,556.50, the June 28 low and then $1533.70, the May 16, 2012 low.”……………………………………….Full Article: Source


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