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XAU/USD: general review on 12.02.2015

The gold has dropped to a support level of 1216.60 today. The current downtrend is caused by a few factors. On the one hand, China has been buying out all the produced gold lately. Last week the country purchased 70 tons while the weekly total produced worldwide amounts to 60 tons at the most.  However, China is preparing to celebrate the New Year on 19th February, and all the economic activity will be suspended.  

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