Morning Snapshot: Gold backs off of near 3-week highs

30-Dec (USAGOLD) — Gold has retreated modestly in the wake of yesterday’s solid gains, even as the dollar remains under pressure. With only Chicago PMI on the calendar and a long holiday weekend ahead, trading is likely to be subdued. However, the yellow metal is 3% off the cycle low that was established last week. Upside follow-through early in the new year would lend some additional credence to the bottoming scenario that seems so strikingly similar to trading a year ago.

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