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Gold To Benefit From Weaker U.S Dollar And Equities

Gold is higher this morning reaching 1208.7 as the Dollar Index has dipped below the psychological 100 level. Equity markets kicked off the week much lower and encouraged safe haven bidding into Gold. The Fed begins their two day meeting today that concludes with an interest rate decision tomorrow at 1:00 pm CT. We have Case Schiller due at 8:00 am today and Consumer Confidence at 9:00. Gold will continue to benefit from both a weaker Dollar and weaker equity market. The bulls look to achieve a close above first resistance at 1207.2-1207.6 while the bears look to reverse price action below 1202.8 and 1198.  

Resistance – 1207.2-1207.6**, 1213.5**, 1220.1-1223***, 1238.8**

Pivot - 1202.8

Support – 1198**, 1182.6-1186.4***, 1179.7**, 1172.2**, 1160.9-1164.3***, 1146.5-1146.9***

By Bill Baruch



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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