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Gold Steady Ahead Of Labor Day Weekend

Commentaries & Views

(Kitco News) - Some volatility occurred as expected yesterday, as traders began squaring their books for month end and the last semi-official days of summer, with the long weekend ahead. The market is expected to be very thin after the European close and for traders looking to mitigate their risk, prudence suggested liquidity was going to deteriorate today. We may get another stab at the $1,200 support level today, but think overall we may see some strength from the shorts reducing their exposure into the three-day hiatus. We look for support at the $1,200 level, with a small likelihood of seeing an $1,197 print, with the upside first contained at $1,207 and then $1,212. The caveat is no presidential tweets on the U.S./China trade dispute.

We wish everyone a safe and enjoyable Labor Day weekend. 

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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