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15:01 ACM Precious Metals Analysis: Gold Sees a Light Pullback
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Gold should stay tight between current support and resistance levels, unless any economic news releases shock the markets like the -1.5% GDP from the UK last week. Gold is still up 5% over the last 3 days, and fundamentals remain in place to argue the precious metal will be resilient on a long-term basis. Price behavior in Eurobonds have a degree of correlation with gold, mostly due in part to the insecurity regarding sovereign credit. There was a light rally in eurobonds early in the session, and some of invested capital probably deviated from funds allocated to gold over the last week. From a technical perspective the momentum was there to push gold through $900oz. +DMI was overwhelming at 51.99 versus –DMI at 14.09, but could not breach gamma interest on the options side keeping the price range tight. After options expiration today, we can look for wider moves between $890 and $914oz.
Support: 890.41 Current: 897.47 Resistance: 906.11
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