I mean what I say, I say what I mean
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Gold Technical Update – Week Of 25th February 2013
The price of gold has seen an extended decline over the past week, culminating in a test of the FE161.8 extension, as per the daily time frame XAUUSD chart below. Gold had moved to seven-month lows, and a second consecutive weekly decline, after the Fed policy meeting minutes on Wednesday revealed policy makers had entertained the possibility of reducing the ongoing quantitative easing efforts. When referencing related markets, we note the SPDR gold ETF had the largest weekly outflow in a year and a half. The Standard & Poor’s 500 Index experienced the first weekly basis drop of 2013, after hitting the highest ... (full story)