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Gold's decline continues with the metal........>

GOLD
GOLD: Gold's decline continues with the metal trading at new lows today at 1225
following yesterday's big break below support. The 1200-1205 region, marking the
July 2017 low, may act as some support, but the market is clearly trending lower
for now and momentum is not significantly bearish to warrant an oversold bounce.
- The ongoing rise in the short end of the US yield curve, and the renewed rise
in US real yields across the board are major headwinds for the metal, which is
still trading above the levels that typically correlate with current real
yields. 
- The ongoing decline in industrial metals prices is an additional medium term
headwind given the strong historical correlation, even though short-term
correlations between the two markets are quite low.  

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