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Gold hits 3-1/2-month highs before dipping on dollar recovery


Wednesday, 3 January 2018 14:14 WIB

GOLDEMAS Spot EmasEmas berjangka


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Gold prices edged down on Wednesday after hitting a 3-1/2-month high, as the dollar recovered from its lows and technical indicators pointed to a short-term correction.

Spot gold fell 0.4 percent to $1,312.71 an ounce at 0257 GMT. The precious metal earlier hit $1,321.33, its highest level since Sept. 15.

U.S. gold futures were mostly unchanged at $1,315.60 an ounce.

The dollar index, in which the gold is priced, was up 0.1 percent at 91.946 after falling to a more than three-month low Tuesday.

The 14-day relative strength index (RSI) for spot gold touched 75 on Tuesday, it highest since September 2017. An RSI above 70 indicates a commodity is overbought and could lead to a price correction.

Source: CNBC


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