XAU Trading Outlook (08-06-2012)

Oil & Gold (XAU) Gold has been sold off dramatically since QE3 was not mentioned by FED Chief Bernanke overnight with much of the recent rally based upon hopes of expansion of the US QE program. Support has been found at $1553 in Asia so far. OIL/USD moved back below the $85 support and is heading lower with Asian stock sell off Friday.

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