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Gold prices “lack conviction”, analysts eye “symbolic $1000″ level

Posted on 13 November 2013

Gold Prices bumped up to $1285 Tuesday lunchtime in London, reversing their overnight drop to fresh 3-week lows at $1277 as new data showed small business sentiment in the US falling hard in October.
Gold price charts analyzed by Commerzbank’s technician Axel Rudolph, however, say that “a slip through the six-month support line at $1270.16 will confirm our bearish outlook,” he writes today. “We could potentially,” says French bank Natixis’ precious metals analyst Bernard Dahdah, “see gold prices reach levels of $850 to $1,000. But this is our very low-case scenario.”……………………………………….Full Article: Source


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