Profit-taking was seen last week after the market digested the Fed’s QE3 announcement and the ECB’s new plan to buy bonds. In the commodity sector, the outperformer was gold which stayed firmly above 1750 and managed for record gain for a 5th week. We expect the yellow metal has the potential to rise further, reaching 2000 or above next year as global central banks retain easing bias and interest rates would remain low.
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Weekly Fundamentals – Gold has Further to Go After Consolidation
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