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Alert-16:33 (Est) ACM Precious Metals Analysis: Gold Crawls Back On Demand for Dollar Alternative
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Gold bulls saw a bit of relief after for consecutive sessions of losses, the precious metal rose 1% to $934oz. A major contributor in the price direction of spot gold has been retail ETF flows. The SPDR Gold trust is the largest ETF concentrated in gold, the actual exposure to gold is limited for investors through these types of products but they act as strong indicators for projecting price movements. China raised the idea of focusing on Usd alternative for an IMF reserve currency. The dollar sunk following Geithner's statement that he would be "very open" to a global currency. It is becoming increasinly apparent that China may setting the stage for a stronger role within the G20. If the dollar is put into question, gold and silver become stronger candiates as an alternative place to hold cash. For the most part gold prices did not deviate from moving averages with the exception of one pop through the upperband which was most likely in response to the US Treasury Secretary Geithner's comment regarding the dollar.
Support: $920.63 Current: $934.20 Resistance: $920.25
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