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Gold Drops Sharply Back To Near Key $1240 Level

By Stuart McPhee

Gold for Monday, February 9, 2015

To close out last week, gold moved sharply lower back to the key $1240 level and then to a three week low just below $1230. With the exception of the last couple of weeks, gold has enjoyed a very solid few weeks which has seen it surge to a five month high near $1308, before reversing and moving back under $1240 over the last couple of weeks. It presently finds itself trading in a narrow range around $1235. A few weeks ago gold eased back a little and steadied below the $1280 level after surging to that area and a four month high, before its recent strong surge higher. Over the last month gold has been on the move as it has been able to rally strongly from around $1170 back through the key $1200 level and to a 12 week… Read More …