Gold could be facing a bumpy road ahead in the short-term, according to VTB
Capital analyst Andrey Kryuchenkov. In comments made to Reuters , Kryuchenkov
said that European policymakers need to convince the market that the crisis can
be contained. With respect to gold, it is trading completely against the dollar,
moving in the opposite direction and the physical side of the market is very
quietly waiting on the sidelines for a pullback to start buying, he contended.
Gold could have a knee-jerk reaction, Kryuchenkov added, especially if there is
disappointment with the meeting today. As for specific gold price levels to keep
in mind, Kryuchenkov pointed to $1,680 as a critical support area.
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