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Dollar Bottoms; Gold And Silver Trying To Hold Support

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(Kitco News) - Tuesday was a wild day for the Nasdaq and the dollar, with the Nasdaq making a dramatic recovery from down 35 points to up 35 points. The dollar looked to have made a capitulation bottom at the same time the euro was making a top.

This morning, the Nasdaq is continuing higher, while gold and silver are desperately trying to hold on to support. The $1,240 area in gold and $16 in silver are key levels if the recent rally is going to continue.

The biggest issue right now is the lack of volume, volatility and general interest. Put this together with equity markets that believe they will never go down again and overall complacency, you are setting up for a huge storm

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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