Following yesterdays large sell-off in gold, the yellow metal is now at a
critical juncture, according to Robin Bhar, a senior metals analyst at Credit
Agricole. In a note to clients on Tuesday, Bhar wrote that Gold is at a critical
juncture and its performance over the next few days could signal its next big
move…The approach of year-end and the need for (U.S. dollars) to meet funding
commitments in an already heightened environment of stresses in the inter-bank
lending markets continues to see gold under pressure." If the need for dollars
remains in place, it could act
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