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Consolidation Overnight

(Kitco News) - Gold is digesting last week’s sprint higher and traded in an extremely tight range overnight. The GDP data from Friday should continue to provide underlying support for gold, but Fed speak remains the obstacle to a clear path higher. New York Fed President William Dudley has voiced concerns over the risks to further growth and suggests that the Fed may likely wait until December before any rate hike. Turn the channel and you find Federal Reserve Bank of Dallas Fed President Robert Kaplan arguing that a September increase remains on the table. Understanding the need to remain polite, I cannot put into words my amazement with the Fed’s communication prowess. I remain constructive but require the $1,355 level to be overcome. The downside line of $1,338 becomes support.

By Peter Hug, Kitco Metals Global Trading Director; phug@kitco.com

 

 

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.
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