Gold futures rallied on Thursday after Fed mantained it will hold its stimulus program intact. But it fell upon news that a small tapering on bonds is possible in October. This reflects the fact that the underlying data may still be weak though prominent economist Nouriel Roubini felt that the tail risks for the global economy have declined. Speculative net long positions fell by a further 10, 000 contracts in the week before the last Fed meeting. Technical analysis showed that gold is likely to fall further in the days ahead.
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