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Analysis | Commodity Market Commentaries |
Written by Finotec |
Tue Feb 09 10 04:29 ET
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Gold prices traded above $1,070 on Tuesday, however investors are curbing appetite for riskier assets such as commodities. As long as money is flowing out of risk assets such as commodities into the dollar, commodities are likely to remain top-heavy,' Yuichi Ikemizu, Tokyo branch manager for Standard Bank, said in a report. The Dow closed below 10,000 for the first time since November on Monday as investors sold bank shares due to heightened concerns about the euro zone's sovereign debt troubles. Gold is trading at $1,072 as of 8:00am, GMT, with a bullish trend. Gold's Pool-Position is 76% Long, meaning that most Finotec clients are buying the precious metal.
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