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Gold Pop And Drop

Commentaries & Views

Last week gold popped from the $1,240 level as it looked like the bottoms had been put in. The rally from the lows continued through Monday, trading as high as $1,267. After peaking at 8 a.m. EDT Monday, gold managed to drift lower most of the day, losing most of its gains.

This morning gold is down $11 and appears headed back to the $1,240 level and possibly lower. Unfortunately, the metals markets, especially gold, remain weak overall and can’t seem to find new money buyers.

Like all markets, gold and the other metals will resolve the negative trading patterns they are in and will find new money; the only question is from where. As long as gold holds $1,240, we will be cautiously long.

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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