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Gold Price Remains Pressured By Stronger Dollar

Commentaries & Views

(Kitco News) - Gold and silver, after a few attempts, were both unable to break up through their respective resistance levels of $1,322 and $17.22. The break-down of the euro/dollar trade through the 1.20 level initiated some profit taking in both metals yesterday. The 30-year U.S. bond broke above the 2% level yesterday, adding further pressure to the metals complex. The metals have remained resilient in the face of a soaring equity market and some calming of tensions with North Korea, and a significant sell-off is unlikely. Gold may trade down to the $1,305 level today and silver may fade as low as $16.87, should the $17 level give way. We continue to see the resistance levels noted above as the hurdle to overcome for continued higher momentum.

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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