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XAU Trading Outlook (16-05-2011)

Oil &amp Gold (XAU) dumped below $1500 after the USD strength beat out support for the precious metal from safe haven buyers. The $1500 level has proved a key pivot point in recent trading sessions with the direction of the next move hotly debated. Overall trading with a low of USD$1482 and high of USD $1516 before ending the New York session at USD$1592 an ounce. Ended near opening levels after finding support at $97. WTI Oil Closed +$0.60 at $99.50 a barrel.

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