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Gold prices smashed below support yesterday....>

GOLD
GOLD: Gold prices smashed below support yesterday and today's small bounce has
done little to alter the bearish picture. The metal trades at 1195.7 having also
taken out the March 2017 lows during yesterday's decline. 
- Prices continue to 'catch down' to the metals fair value based on its
historical relationship with Us real yields and the commodity complex, and based
on these drivers there is still further downside to come. - Bulls need to
recover $1206.0 in order to arrest the downtrend and break above the 21-DMA if
they are to mount any recovery, which seems unlikely for now. 

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