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Gold Higher On Asian Buying

Commentaries & Views

Editor's Note: Gold and silver has been, at best, a frustrating trade. Exclusive to Kitco News, expert trader, Todd "Bubba" Horwitz, chief market strategist and founder of 'Bubba Trading provides a strategy investors can use in a range-bound gold price environment. Sign up before March 10 for the Kitco News Weekly Rundown newsletter to receive Horwitz's exclusive report and trading strategy.

(Kitco News) - Gold continues to recover, benefiting from the weaker dollar and renewed demand from China, after the New Year’s holiday. Gold maintained the $1,322 support level, where we suggested an entry trade and the technical picture remains constructive. Gold will need to clear the $1,342 level on a close basis to set up a retest of the $1,357 resistance line. All ears will be focused towards Fed Chair Powell’s testimony to Congress this week for clues on monetary policy.  For traders that see this move as a bounce on the back of Chinese bargain hunting after their week-long holiday, selling 50% of the long initiated at $1,322 should be considered.

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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