Forex News Spot gold lower, very volatile market overnight, failure to rise beyond trendline points to shakeout, says Commodity Broking Services director Jonathan Barratt. "Gold should have continued up after breaking the trendline at $977/oz, but didn't, so now we're looking at a pullback to $920." Merrill Lynch's poor 2Q earnings posted after U.S. market close, Citigroup's expected poor results later today offset by positive results posted by JPMorgan, Wells Fargo. "The market is balancing, though inflation is still a worry." Spot gold at $955, down $2 vs NY close.
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