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Gold Declines In Technically Driven Market (GLD) (IAU) (SLV)

November 28, 2012 9:10 AM EST Send to a Friend
Gold came under pressure early on Wednesday for reason that were, in the words of one trader, "not immediately clear".

From a technical perspective, last Friday gold ran into resistance near a Fibonacci retracement levels near $1750. From there, it began to slowly rollover, piercing a medium-term upward trend line and key levels around $1735. >From there, it broke out on the downside.

Gold currently trades at $1715, with anticipate mid-morning support ahead of $1700.

iShares Gold Trust ETF (NYSE: IAU) and SPDR Gold Shares ETF (NYSE: GLD) are lower by 1.4 percent.

iShares Silver Trust ETF (NYSE: SLV) declined by 1.9 percent.




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