Gold Drops in London on Reduced Hedge Demand
Gold kill in London as a decline in energy costs may convert demand for precious metals as a hedge against inflation.
Gold had its biggest with this week on July 1 after ABC News reported Israel was disposed to to attack Iran, sending oil up as much as 2.4 percent. The metal has climbed 43 percent in the days year as the weaker dollar spurred insist for a hedge against declines in the U.S. currency against the euro.
If $930 buttress level is broken, short phrase double-top will be fully formed and gold can go down to $920 unfluctuating. I am bullish on gold in the long term but I deem gold has temporary peaked.
I had shorted 1 lot of gold yesterday. See here.
Source: Metal Trading



















