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Gold hits a new low. Approaches 61.8% retracement of the April-June rally

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Hard-fought gains evaporate

Hard-fought gains evaporate

Gold is at a fresh session low, down $37 to $1774.

The drop is an interesting contrast to bonds, which don’t appear to be bothered by the Fed today after yesterday’s slump. US 10-year yields are down 5 bps to 1.52%.

It’s a rush to the exits though in gold, which is now flirting with the 61.8% retracement of the April-June rally, which is at $1769 and that’s right around a series of lows at $1760.

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