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Janet Yellen Talks Gold Down

Gold edged lower late in the session yesterday as the Dollar strengthened on comments from Janet Yellen. Though fundamentals can be considered the driving force, this consolidation is very technical as well. Price action traded to an overnight low of 1197.1 and has held support at the 1198-1200 level. However, the trend line that was associated with this level now comes in against session highs and aligns with the initial swing highs last week at 1207.2; the bears must keep price action suppressed below here today. The ECB left rates unchanged this morning. Mario Draghi begins his press conference at 7:30 am CT along with Philly Fed Manufacturing data, Jobless Claims and Housing Starts. Trump also is set to speak later today at 10:15. The Dollar will be critics for the Gold trade today, especially as it comes off of long term support at 100.20 and 100.75.

Resistance – 1207.2**, 1212.9-1213.6***, 1218.9*, 1224.6**, 1246.9**, 1255.6***

Support – 1197.1-1198**, 1187.5*, 1182.7-1185.9***, 1171.1-1171.6**, 1160.4-1164.3**, 1143.9-1146.5***

By Bill Baruch
iiTrader.com

 

 

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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