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Gold Must Close Above $1,257 To Give Bulls The Upper Hand

Commentaries & Views

Gold is higher this morning and testing first support at 1233.9-1236. Criticism of the White House and Trump has put pressure on the Dollar into this morning and been supportive to Gold. We have Building Permits and Housing Starts due at 7:30 am CT and Industrial Production to follow at 8:15. Trend line resistance comes in at 1246-1248 and as we spoke of yesterday, we expect this level to converge with the 200 day moving average that comes in at 1257.3 later this week; the bulls must achieve a close out above here in order to begin to regain the upper hand. The bears look to keep price action depressed below the 100 dma at 1229.

Resistance – 1233.9-1236**, 1246-1248**, 1255.9-1257.3***, 1265.7**

Pivot – 1229

Support – 1213.6-1214.3**, 1193.8-1198****

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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