Gold declines by 5% wiping millions off investors

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Foreign Exchange Overnight/Morning Ranges:

Currency Rates EUR/USD 1.4389-1.4474

Currency Rates GBP/USD 1.6359-1.6397

Currency Rates GBP/EUR 1.1318-1.1369

Gold declines by 5% wiping millions off investors looking for a safe investment leaving investors struggling to balance short term view that gold is too hot and longer outlook that prices will keep rising. Gold weakened 5% leaves stronger global stocks and comments from German opposition for the usage of gold as security for European bailouts. Many traders say gold rallied too high too quickly

--Others point to support from sovereign debt problems in Europe and the U.S. and worries of a global recession

Stock markets again recover. Currencies continue to trade in the ranges seen over the last month. Expectations of some form of stimulus by President Obama tomorrow is still anticipated. The possibility of Q/E 3 and government backed mortgages for householders in an attempt to strengthen the housing market are reported.

Sterling is weaker against a basket of currencies after rumours that Q/E 2 may be introduced in the UK and now trading below the € 1.1350 pivotal level ahead of next week’s usual end of month Euro demand.

EUR/USD currently 1.4458. Support 1.4200, resistance 1.4500.

GBP/USD currently 1.6383. Support 1.6300, resistance 1.6600.

GBP/EUR currently 1.1328. Support 1.1100, resistance 1.1350.

GBP/AUD 1.5650

GBP/CAD 1.6150

GBP/ZAR 11.85

GBP/NZD 1.9730

GBP/PLN 4.7030

GBP/CHF 1.3035

GBP/CZK 27.44

Oil $ 85.55 Gold $ 1755 Dow +1.29% FTSE +0.90% Nikkei +1.54%

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Gold declines by 5% wiping millions off investors

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