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Gold Meanders In A Tight Range

Commentaries & Views

(Kitco News) - Gold continues to wobble around in a tight range, with support around the $1,322 level and resistance overhead at $1,328. The tariff scare has been watered down considerably with the Trump administration granting exemptions to a number of countries. Traders are eyeing any response from China, where President Trump continues to focus on the large trade deficit between the U.S. and the world’s second-largest economy. Gold is likely to remain range-bound until we get closer to the FOMC meeting next week. As long as the 10-year U.S. bond yield remains south of 2.9%, we would expect gold to remain bid, and  unless we get a surprise news bite, the upside remains limited until the market can digest the Fed’s path next week.

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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