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Sergey Nenashev
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Editor's Voice
Around 5 tons of gold were sold in Shanghai Gold Exchange in matter of two minutes this morning which pushed the price to touch $1072/oz, the level last seen in 2010. Though price has recovered now by half of its morning fall, it did a serious damage in the chart. Liquidity level is weak at present and this kind of action always creates nervousness in the market. There will be more of wait and watch strategy among investors which indicates price may fall further. In the chart, next level that would play a crucial support is $1043/oz. Market is waiting for Federal Reserve’s decision on hiking interest rate. Till then, gold is expected to remain under pressure.
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