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Gold drops sharply, new multi-year low

FXStreet (Bali) - Gold just dropped $9 in the blink of an eye, printing a new multi-year low at $1,132.00.

After breaking below $1,160.00 key support area, the bearish bias in gold has been reinforced, with all the timeframes aligning for a continuation of the downtrend, as the market continues to price in early Fed rate hikes.

According to Chris Capre, Founder at 2ndSkies: "A break below the current yearly lows ~1139 put 1000 and 1070 under focus." The main interest for Gold traders today will be the US NFP outcome, in which solid figures are expected for October.

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