Commodities recovered in European session but the outlook remained cautious. Weeks of rally have brought gold to a 6-month high of 1790 last week. Profit-taking was seen since then but the yellow metal managed to stay above 1740 despite relative strength of the US dollar and renewed concerns over sovereign debt problems in the Eurozone. While we remained bullish over gold, some catalysts are needed to resume the recent rally and send the metal to 1800 and above.
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Gold Awaits Further Catalysts to Rise Abive 1800
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