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GOLD: Firmly under the bear grip

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The technicals on gold remain negative. After breaking a crucial support at around $1525, the high volume breakdown confirmed that the bears were on top. The bounce after the breakdown has been feeble. Gold continues to trade below all short and long term moving averages, the MACD is down, on-balance volume is negative. The only saving grace on the weekly chart is a slightly divergent RSI. The short-term prospects for gold remain gloomy and buying gold is best avoided

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