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Metals Coming Off Two-Day Pounding

Commentaries & Views

After trading over $1,300 on Tuesday, gold has taken a pounding, trading down to $1,273 but holding the key support level of $1,270. Silver found itself under pressure as well, making a low of $16.34 this week. Both metals managed to hold key levels and are slightly higher this morning.

Between Bitcoin and the metals, it has been a rough week, with all struggling but holding key levels. The future looks bright for gold and silver if they can hold these key levels. The patterns have not been violated and this is probably a great buying opportunity. Bitcoin may have a few more issues in the near term since it became the daily headline and is considered a bubble.

Investors poured into equities on Thursday, making the pressure on the metals understandable. However, the pattern for the Dow looked like a blow-off pattern and could be the top. The buyers are coming for gold and silver; higher prices are on the horizon.

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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