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Drop In Gold Following Fed Decision A Buying Opportunity

Commentaries & Views

Gold remains range bound ahead of the Fed decision at 1:00. It is likely that we see a knee jerk reaction lower upon the Fed’s announcement but ultimately this could bring a great buy opportunity at 1179.9-1182.6. A close below this level will leave the bears is control as the market will likely grind lower. The bulls must achieve a close out above 1221.4-1223 in order to regain the upper hand.

Resistance – 1211.1**, 1213.9-1217.5**, 1221.4-1223**, 1229.7**, 1237.3-1238**, 1248.9-1251.4**, 1264.9-1269.5****

Pivot – 1202.9-1203.2**

Support – 1194.5-1196.1**, 1179.9-1182.6****, 1154.3-1159.8**, 1149.7***

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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