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Commodities Briefing - Categorized | Bullion/Gold, Market Moves more

It’s not a waste of time to buy gold

Posted on 28 November 2013

Gold prices fell the most in more than two months last week mainly due to renewed speculation over the timing of the US Federal Reserve’s (FED) tapering of its monetary stimulus programme. After breaking below certain key support levels, the price of spot gold ended the week with a 3.5% drop to end the week at $1243.70 per ounce.
After dropping below $1300 an ounce, the selling accelerated on Thursday taking gold through the support level at $1,250, which many analysts saw as important for the market to hold. While prices initially managed to hold above $1240 an ounce, traders are eying this level as a break below could signal more technical selling with some analysts even suggesting a dip to the $1,220s as possible as bearish technical charts and little positive news is available to offset the price-negative sentiment in gold………………………………………..Full Article: Source


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VRS - who has written 37561 posts on Opalesque Commodities Briefing.


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