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Picture Is Getting Clearer

Commentaries & Views

Yesterday we asked the question -- what’s wrong with this picture? We got the answer that we expected -- the metals are under pressure. Gold sold off about $12 and is now testing key support.

Gold doesn’t look real healthy here. Although we expect a bounce today, we are looking to be sellers. Based on the market action in the last couple of days, gold should be much higher, but it’s not. Markets leave footprints and this print is sending out warning signals

The big rally we saw from the recent lows looks like it has run out of gas and is desperately looking for some support. We expect this sell-off to continue and a test of $1,300 looks to be in order. We aren’t liquidating long-term longs but we are selling in the short term.

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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