XAU Trading Outlook (05-01-2011)

Oil &amp Gold (XAU) crashed back under $1400 on heavy liquidation of 2010 long positions with the market falling over $30 an ounce. Overall trading with a low of USD$1374 and high of USD $1418 before ending the New York session at USD$1382 an ounce. Joined in the commodity liquidation falling through $91, $90 and $89 support levels. WTI Oil Closed -$2.40 at $89.30 a barrel.

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