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Gold trading at $1645.15

Despite the fact Gold prices reached as high as the 1652 region today, “we remain concerned, as two factors suggest a rebound, the metals failure to close below 1647.00 yesterday, in addition to the bullish harmonic Gartley that could be completed at 1640.00 level yesterday.” warns the ICN.com Analyst team. “In any case, we will continue to hold onto our bearish downside targets, however we will move our stop loss level to entry point for a risk free trade. A daily closing below 1647.00 could give the bearish scenario further confirmation.”
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US: EIA Crude Oil Stocks up 0.56M at Feb-8, unlike 2.400M consensus

A downbeat change in crude oil stocks in the US was revealed for the week ending at February 8. Data only rose by 0.56M, while analysts were expecting 2.400M, close to the figure in the prior week of 2.623M.
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