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Same Old Story

Commentaries & Views

Once again, we saw an instant replay in gold when it failed at resistance on Wednesday. At one point, gold had rallied over $20 and was trading around $1,369 before selling off and closing at $1,356.

The failure at resistance is disappointing. We are expecting a huge move in either direction. With Wednesday’s failure at the top, this now brings the downside into play. The selling continues this morning with gold trading at $1,348.

Gold is still trading on congestion; the big move is still in play. If gold could have closed above $1,365, the big move would have continued up, but now it can go either way. Now, $1,330 will be the key level on the downside, and inability to hold $1,330 would lead to the big move to the downside.

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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