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Gold Price Declines Just A Downside Correction In Longer-Term Uptrend

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(Kitco News) - The yellow metal has backed well down from its 2017 high of $1,358.50, basis nearby Comex futures, scored a few weeks ago. However, the weekly Comex gold futures chart shows a longer-term price uptrend line is still firmly in place. From an important longer-term technical perspective, the recent declines in gold prices are so far just nothing more than a normal downside price correction amid a longer-term uptrend. It will take a price move in nearby gold futures below longer-term chart support at $1,250.00 to negate the longer-term price uptrend line on the weekly chart, and to then produce serious longer-term chart damage.

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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