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Price of Gold Fundamental Daily Forecast - In Position to Close Lower for Fourth Consecutive Session

From fxempire.com

Gold is trading lower on Tuesday, putting the market in a position to close lower for the seventh session out of eight. The price action is similar to the weakness in crude oil which suggests the two markets may be coupled at this time. If the downside momentum continues today then the market will be in the vicinity of its September 28 bottom at $1184.30. At 1310 GMT, December Comex Gold futures are trading $1201.60, down $1.90 or -0.16%. Gold is under pressure because of the strengthening U.S. Dollar. The dollar is being supported by the hawkish U.S. Federal Reserve, which indicated last week that it would continue ... (full story)

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  • Category: Fundamental Analysis