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Gold Remains Under Pressure As Dollar Continues Higher

Commentaries & Views

(Kitco News) - Gold begins the week on a defensive note as the dollar continues well bid. It remains a case where comparisons show U.S. growth continues to outperform the E.U. and Japan. The euro could not recover the 1.20 euro/dollar level last week and the technical picture suggests further “short-term” dollar strength. Repatriation of corporate overseas dollar holdings has also added to dollar strength momentum. We consider current dollar strength temporary, but until you see technical evidence of a reversal, trying to catch the dollar top may be premature. Gold will need to hold our $1,302 support line to avoid a potential test of the $1,287 area. The upside resistance band continues at $1,322 -$1,325.

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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