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This article was written by Evdokia Pitsillidou, Risk Management Associate at easyMarkets.
The price of gold plunged this week, reaching its lowest level in four months as upbeat US economic data bolstered bets that the Federal Reserve will raise interest rates before year-end.
Spot gold, the price paid for immediate settlement, has plunged more than 6% in less than two weeks. As of early Friday morning, the metal was trading around $1,257.00 a troy ounce, the lowest since early June.
Bullion is now trading well below its 200-day moving average and is considered extremely overbought, according to the Relative Strength ... (read more)