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Nov. 24, 2020, 9:36 a.m. EST

Gold prices briefly slip below 200-day moving average as bullion prices stage major retreat

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By Mark DeCambre

December gold prices on Tuesday briefly fell beneath a closely followed area of a support at $1,800. Futures for the commodity were down nearly 2% and had hit an intraday low at $1,799.80 an ounce, according to FactSet data. The metal's 200-day moving average, seen by technical analysts as a dividing line between bullish and bearish momentum in an asset, stands at 1,799.94/oz. On Monday, gold tumbled beneath $1,850 and carved out its lowest settlement since July 20, as it broke below a level seen as its first level of support. So far this week, gold is down more than 3.7% as progress toward coronavirus vaccines diminishes the appeal of the haven metal and bolsters buying in riskier areas of the market, including the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA -0.57% and the S&P 500 index /zigman2/quotes/210599714/realtime SPX -0.72% .

US : Dow Jones Global
-177.26 -0.57%
Volume: 440.02M
Jan. 15, 2021 5:18p
-27.29 -0.72%
Volume: 2.74B
Jan. 15, 2021 5:18p

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