GOLD 0.51% $1,391.7 gold futures

Gold still bullish

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    Triland Metals: Gold Taking Cues As A Currency Rather Than A Metal

    Triland Metals analysts say that gold’s current pullback shouldn’t be considered “deep retracement”. “There has been dip buying by the ETF community and persistent demand around the $1275 area,” they say. “Follow through stops could push to $1270 but it appears that most are positioning for a continuation of the bullish sentiment surrounding precious metals,” they say. Looking at the weaker base metals complex, the analysts say that gold could see some pressure as a result. “Headwinds could be seen to come from a floundering base metals complex that is pushing recent lows again this morning but gold seems to be taking its cues as a currency rather than a metal; such is the true nature of it.”
    By Sarah Benali of ***** News; sbenali@*****.com
 
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