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FxWirePro: Gold might falter towards $1260 per troy ounce

The gold price has declined steadily after touching $1357 per troy ounce in early September over risk aversion on North Korean tension. As the last North Korean ballistic missile test that flew through the airspace of Japan failed to shore up safe-haven demand, the yellow metal has suffered greatly. The yellow metal is currently trading at $1309 per troy ounce.

It is important to note that gold’s decline came despite a weakness in the dollar, so, if the dollar recovers in the near future that would just add to the selling pressure. While the gold has not entered a bear market, the selling momentum could push the yellow metal to as low as $1256 per troy ounce.

 

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