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Gold Resting Or Overextended?

Commentaries & Views

(Kitco News) - Gold moved to our short-term target of $1,322 overnight but a slightly stronger tone to the dollar brought fresh selling into the metals complex. Gold appears overextended in the short term and is trying to consolidate but requires a break above the $1,322 level to generate further momentum. There is support at the $1,311 spot level but a break through here would bring a test of the $1,302 area. Silver shows support at $17.02 and requires a close above the $17.22 area for further strength. As was mentioned yesterday, the metals are closely tied to dollar movements. Continue to watch the 1.20 euro/dollar level for indications of a reversal in recent dollar weakness.

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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