Gold erased the gains of Monday as selling triggered stops. The move wasn't precipitated by anything in particular, however momentum faded then stops were triggered at $1,140. With gold pushing lower we are seeing very good physical demand coming through and as a result we expect the metal to remain well supported around the $1,114—$1,120 level. However, we are also seeing good selling above $1,1130 which makes us believe gold is going to find it difficult to push higher after yesterday’s sell-off.
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