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Commodities Brief: Gold lower on Cyprus plan

FXstreet.com (Barcelona) - Gold today closed down in NY at $1558 losing -1.64% at the same time equity indexes printed yet another record highs with Dow Jones industrials above the never seen before 14800 points up +0.88%, and SP500 at 1587 up +1.22%, while US 10 year notes kept on selling off to fresh 5-day lows, with yields at 1.84%, off fresh 2013 lows at 1.67%.

“Gold is at the lows of the day, down $15 to $1570 after Cyprus announced a plan to sell 400 million euros worth of gold reserves to finance part of its bailout,” wrote ForexLive editor Adam Button by early NY trade. Coinciditentially enough, Goldman Sachs was calling for a short on Gold, with a target profit at $1450, and a stop loss at $1650, when the precious metal was above the $1580 mark just moments before the Cyprus plan hit the wires.

Oil in the other hand has returned to previous 4-day highs slightly below the $95 handle for the futures May contract, off past Friday's double low around the $91.5, on the back of falling crude oil inventories, to the lowest in 3 months, coming out much lower than expected at 0.3M barrels, while 1.6M were expected, from previous 2.7M.

Forex: EUR/USD peaked above 1.3100 after completing 375 pips advance in 5 sessions

The EUR/USD is currently consolidating levels above the 1.3050 following the bullish movement performed in the early Wednesday session. The EUR/USD posted the highest level since March 8th at 1.3120 in Asia, but the pair was unable to keep the 1.3100, retracing towards the current 1.3070 area throughout the European and American sessions.
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Forex: NZD/USD achieves highest daily close since August 2011

The NZD/USD closed the New York session 57 pips higher at .8579. The Kiwi achieved its highest daily close since August 2011, and is already up an impressive 2.56% for the month of April. “There is a non-stop flood of foreign money into the New Zealand property market. On top of that, the yields in New Zealand beat anything out there,” noted Adam Button of Forex Live.
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