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Gold Down As Dollar Stabilizes

Commentaries & Views

Gold traded to a high last night of 1263.8 after news broke of a terrorist attack in Manchester, U.K. Though such ugly and shameful acts should never be overlooked, markets have shaken off the initial fear trade and gold has ultimately traded to a lower high than last week's 1265. The Dollar is attempting to stabilize as we enter the morning and key data today includes Manufacturing and Services PMI at 8:45 am CT and New Home Sales at 9:00. Harker and Kashkari are again on the schedule later this afternoon. Tomorrow the Fed will release the Minutes from their meeting earlier this month. First major support comes in against the swing low last week.

Resistance – 1265.7**, 1277.8**, 1290-1294.1***

Pivot – 1251.3-1255.9

Support – 1246**, 1233.9-1236**, 1229**, 1213.6-1214.3**

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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