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Gold Prices Sink To 2-Year Low Ahead Of Powell Testimony

July 17, 2018

New York (july 17)   Gold prices have weakened and are at daily lows and have hit two-year lows in mid-morning trading Tuesday, just ahead of Fed Chairman Jerome Powell's testimony on U.S. monetary policy before the Senate Banking Committee. Sell stop orders were triggered in the futures market when prices dropped below key chart support levels.  Bearish "outside markets" that include a higher U.S. dollar index and lower crude oil prices are also working against the precious metals market bulls on this day. August gold was last down $7.90 at $1,231.70.

By 10:00am EST spot gold was already down nearly $10 to $1,232, while spot silver slid more than 1% to $15.60. And spot platinum plunged $12 to $817, while spot palladium was battered down $12 to $913.

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