Gold Lower Amid Speculative Selling;$1,660/Oz Support
Gold is lower in Asia following a flurry of
speculative selling as investors free up cash, a Singapore-based trader says.
Spot gold is trading at $1,698.30 a troy ounce, down $13.00 from its previous
close but off an earlier low of $1,684.70/oz. The trader says gold looks
oversold at current levels and that he's expecting a near-term move towards
$1,750/oz. "This level is a good level to buy; we'll slowly see people coming
back in to buy gold," he says. He tips strong support at $1,660/oz, but
cautions that the market will likely remain choppy until the end of the year
due to speculative trading; "there's a lot of speculation in gold at the
moment."
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