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Failed to Hold its Gains

GOLD

Gold failed to hold on to its gains yesterday, finishing close to flat on the day as the dollar recovered its losses as the ECB sounded less concerned about the exchange rate than some had thought it would. (Earlier in the day the yellow metal had reached $1,966/oz and at writing was back to $1,943/oz). From a technical perspective, a bearish outlook remains and further weakness would open $1902.9, Aug 26 low.

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