Gold fell for the seventh straight day yesterday and is now down nearly 9% from its recent high just above $1,000/oz - see chart below). Gold had become overbought in the short term and had risen over 24% in just over a month ($806/oz on January 14th to over $1,000/oz on February 20th ). Thus, this correction was necessary and healthy and even after this correction gold remains up 4% in USD (and much more in GBP +7.6% and EUR +15.6%) in 2009.
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