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Gold Remains Range Bound

Commentaries & Views

(Kitco News) - Gold remains caught in a tight trading range, bouncing up against resistance once again at the $1,339 area. The softening of the trade war jargon overnight saw Chinese President Xi Jinping offer a more conciliatory tone by promising to open up the Chinese market. This was offset by concerns over the level of the U.S. response to Syria’s use of chemical weapons. Until the response, if any, is clear and the markets can assess the fallout, the Syrian issue is likely to remain in focus and provide a floor for gold. Technically a break through the $1,339 area on a close basis sets up a retest of the $1,355 target. Support comes in today at $1,332.

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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