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Apr 23 - 05:55 PM

Gold Rally Showing Clear Signs Of Exhaustion - Downside Targets

By Jeremy Boulton  —  Apr 23 - 05:28 PM
  • Gold drops to $2295/oz - $136/oz below this year's record high

  • Gold dropping quickly from $2417.59/oz on Friday

  • Rally was extremely stretched when gold reached the record high last week

  • Targets for minor corrections of Oct-Apr rise are $2284 and $2194

  • Gold traders have established big bet on a rise - lots of profits to book

  • Most other markets fairly placid so driver most likely profit taking

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Source:
Refinitiv IFR Research/Market Commentary

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