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Gold Market Recap Report for 11/17/2008

the gold market staged a bit of a comeback after initially trading weaker in reaction to lower global equity markets. It also seemed the gold market was undermined early in the session by a lack of firm economic policy initiates at the weekend G20 meeting that seemed to leave the global economic outlook bleak. A weak US region manufacturing reading also seemed to add to the selling interest in Gold while a stronger Dollar was yet another factor that favored the bear camp. But the market was able to claw its way back and at times even trade higher on the session as the metal seemed to follow a recovery in US equities which turned higher on bargain hunting buying. But with gold staying within last Friday's price range, it seemed as if the market was looking for a stronger directional signal.




 
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