The FRED Report

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The Fred Report - Mid Week Update November 2, 2011

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While we are surprised by the speed of this decline it is not altogether unexpected, and it is resolving overbought conditions on some of the indicators.  We can see prices going a little lower, and they could possibly test 118.40 intraday, but our work right now suggests the 120 area should hold.  Gold looks to have made a short-term low after testing support on GLD.

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