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Gold Consolidates As Chinese Lunar New Year Begins

Commentaries & Views

(Kitco News) - Gold looks a little tired here after moving to our first pivot target of $1,357. With the start of the Chinese Lunar New Year, volumes will drop dramatically and traders will want to watch the dollar, particularly against the euro, where overnight the rate broke up through 1.25 euro/dollar but has subsequently settled back below the figure. Prefer to take profits on the recent run and re-engage against a break above the $1,365 level. The U.S. holiday Monday will also create diminished volume and traders may flatten their books ahead of the weekend.

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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