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Friday, September 29, 2006

Gold trading in OverSold Territory

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Gold Trades in OverSold Territory Right now
Finding new buyers, to push Higher crossing the resistance 607 - which it tried crossing yesterday.
Todays Drop is mostly considered due to Profit Taking and not much Downpush due to USD. Due to Month coming to end and end of a week, traders feel to take out the money, to trade with new fresh money Next week.
However, EUR/USD is pushing up higher now, trading at 1.2674 levels.
AS Sources comment, we Should Expect OPEC to release the Statement. Which In return could Push Crude Oil, mentioning they could Cut Supply, Pushing the price up, in return helping Precious Metals, there is a good co-relation between oil and gold for the moment.

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