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Gold prices are under pressure again today.....>

GOLD
GOLD: Gold prices are under pressure again today after early strength proved
temporary as 1228.55 held firm. The metal trades at 1224.00 currently, at its
daily lows and showing no real sign of upside potential. 
- Bulls need a close above 1229 to arrest the steep declines, while a push below
yesterday's lows of 1221.20 would reignite selling pressure with 1200 the next
target. 
- Fundamentally there is little to prevent further declines as gold remains
expensive relative to silver, the general commodity complex, and the fair value
implied by real US bond yields. A policy reversal by the Fed would likely be
needed for gold to mount a sustainable bounce. 

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