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Date Posted: 01:05:50 07/11/12 Wed
Author: Charisse Bartoli
Subject: Gold leads rebound trade

After some heavy selling into the close last night, financial markets are attempting a rebound this morning. This seems to be more short position covering rather than any particularly positive news out this morning. There is some increased optimism that Spain will be able to receive a bailout, but the finer points (such as the small point of where the money is coming from) are still yet to be finalised.

Gold is the biggest mover so far as the dollar index slips back from the highs. The Australian dollar is also performing well despite some mundane economic data being released this morning. The AUD/USD and AUD/JPY and 0.3% and 0.23%.

The US dollar's pull back is helping to push the USD/JPY lower this morning. The euro is holding it's own, though is still struggling to keep up with the strength seen by the Australian dollar.

Coming today Canadian and US trade balance numbers at 13.30. Crude oil inventories follow at 15.30 with a 10 year bond auction at 18.00. We have a 10 year German bond auction running throughout the day. The release of the minutes from the last FOMC meeting comes at 19.00

Gold is rebounding nicely this morning after falling sharply yesterday. Public opinion is still indicating over sold conditions while at the same time, the US dollar has flipped back to over bought. This as well as support in the $1550 region points to an upside bias for gold.

A good way to play this might be a HIGHER trade on BetOnMarkets.com predicting that gold will close higher than $1600 in 30 days time for a potential return of 151%.

Get this trade now, go to: http://goo.gl/ZhweU

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