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Commodities Briefing - Categorized | Bullion/Gold, Commentaries, Price Watch more

Gold price savaged by bears but rebound rally can be identified

Posted on 13 October 2016

Who stole the gold? The yellow metal’s dramatic fall from $1,340 to below $1,260 is a break-and-enter theft on a grand scale. It’s going to take a while to find out who stole these profits from open long positions. But what’s more important is to assess the extent of the damage and the potential for recovery.
Let’s start with damage assessment. The fall below the historical resistance and support level near $1,290 is critical. It would be reasonable to expect that this level would provide support for any retracement but instead gold fell straight through this level. Chalk one up for the bears……………………………………..Full Article: Source


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