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Metals Appear To Be In Trouble

Commentaries & Views

This week we have watched the metals continue to churn in a range and mentioned that they may have found a higher low with a new support level. On Thursday, gold sold off hard, trading below the $1,330 support but closing right near support.

Overnight President Trump started talking tariffs and trade wars again, sending equities reeling down over 400 points at one point. Gold barely budged on the news and traded in a $10 range overnight, sitting now at $1,330.

The metal’s lack of reaction to the market fears is concerning, especially with a flat to lower dollar. The metals should have moved higher on the news, which is a reason for concern. In the meantime, gold and silver remain in their consolidation ranges but the new support level may not hold.

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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