As the trading week draws to a close, gold is registering heavily in the red as the USD carry trade has unwinded dramatically on the powerful employment data. Gold has broken record-high after record-high in the last months, fueled by the cheap dollar and an outlook for inflation in the longer term. Speculators have driven up the price to stratospheric heights in a one-way trade which is unwinding as profits are taken and positions closed. Today the precious metal is down over $60 from its day-high and is currently testing support around $1150; the question for gold is clear: has it already reached its last high? And how low will it go? Stay tuned...

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