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The precious metal slowly grinded higher.......>

GOLD: The precious metal slowly grinded higher after printing a new near 3-week
low of $1271.36, the move coincided with dollar profit taking in
USD/YEN in the early NY session. 
The release of better than expected US Durable Goods Orders witnessed the yellow
metal drop to fresh session lows of $1271.09. Traders have started to talk of
support at the $1270.00 level.
As House Speaker Ryan commented on the tax overhaul, combined with USD/MEX
falling in reaction to Banxico announcing increase in FX hedges in auctions,
witnessed bullion spike to recovery highs of $1279.39. Traders reported a buyer
of 17,000 gold futures (worth about $2B notional).

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