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Gold Under Pressure As USD Looks Undervalued

Commentaries & Views

Gold is marginally green this morning but has again struggled to retake what is now key resistance at 1248.8-1250. Yesterday's swing low comes in at 1242.4 and a new low today will keep the metal on track to test trend line and major three star support at 1230. We still believe that the Dollar is undervalued in the near term but the Fed has done just about as much as they could to lift expectations. Now the hard data must come in line and that starts with Existing Home Sales due at 9:00 am CT today.

Resistance – 1248.9-1252.1***, 1264**, 1268.5**, 1284.6**, 1292.8*, 1297.4-1300.3***

Support – 1242.4*, 1236.7*, 1230***, 1217.8**

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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