XAU Trading Outlook (12-07-2011)

Oil &amp Gold (XAU) the Italian debt fears and US debt ceiling debate caused gold to break above $1550. Overall trading with a low of USD$1541 and high of USD $1557 before ending the New York session at USD$1553 an ounce. Was sold heavily on concerns the US economy was not creating jobs and thus consumers as fast as forecast. WTI Oil Closed -$1.30 at $94.90 a barrel.

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