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Gold drops sharply from near multi-week tops
Currently, gold drops -1.05% to 1199.30, recovering quickly from fresh five-day lows struck at $ 1197 last minutes. The overnight retreat in gold gained traction in the mid-Asian trades, after the Asian traders boosted bids for the US treasury yields at the expense of the non-interest paying gold, as they continue to digest Fed Chair Yellen’s hawkish remarks.
Our Recommendation:
SELL GOLD 1212 TARGETS 1202 1192 STOPLOSS 1223.