Gold seeing “healthy” pullback

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It was overdue for a pullback, and boy, are we getting one.

Spot Gold has now fallen into sub-$1900 levels as it extends yesterday’s steep drop. Tuesday’s 5.69 percent decline was Bullion’s largest single-day decline since 2013, with much of the stellar gains seen over the past two weeks now wiped out. At the time of writing, Gold futures are shedding another 2.6 percent.

From a technical perspective, the jarring move was needed to pull Bullion away from ‘overbought’ territory, ending Gold’s three-week period when its 14-day relative strength index was above the 70 mark.

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