19.12.2012 - Gold tumbles on 'cliff' talk hopes
Gold fell almost 2 percent on Tuesday to its lowest price since August, hit by heavy technical selling and growing hopes that U.S. legislators are closer to reaching a deal that would avert a fiscal crisis next month. Bullion posted its biggest one-day drop since Nov. 2. Analysts said that gold is at a turning point held by technical support at its 200-day moving average and a multi-year rising trendline near $1,660 an ounce. "If gold is not able to defend those key supports, one should expect a new wave of technical selling to continue," said Adam Sarhan, chief executive of Sarhan Capital...............................................Full Article: Source
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