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Gold Can't Seem to Eclipse $1,300

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Monday gold tried to get to and through $1,300; it failed. This morning gold is back near $1,290 with an overnight low of $1,288. Gold’s failure to eclipse the $1,300 level is a little concerning because the dollar is so weak, which should have helped propel gold through $1,300

My overall opinion hasn’t changed. I’m a buyer at the $1,280-$1,290 level cautiously, which means a smaller position size with a tighter stop. The set-up looks good but the lack of follow-through should be a concern.

Silver is experiencing some of the same issues and we are buyers here around the $16.95 level, again cautiously. You must remember that patience, discipline and money management are the keys to success. Markets are quiet, lacking volume and volatility, so trade cautiously, protecting your capital

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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