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A drop below $1,480 could signal gold is running out of steam - TD Securities

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The $1,480 level is the key to watch at the moment, says TD Securities. “Traders are watching the $1,480/oz range, which has held over the past few weeks, as a break below could imply to the collective psyche that the recent price strength is coming to an end,” the bank’s strategists write. A more intense selloff in gold could still be coming, according to TD Securities. “With dry-powder analysis still suggesting that the average bull continues to hold an above average position size, we think some length could be anxiously looking for an exit … In the midst of CTA selling, the more upbeat news on the trade file could help other gold bugs to liquidate their holdings.” 

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