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Gold Higher But Technical Confirmation Needed

Commentaries & Views

(Kitco News) - Gold has found some short-term support on the back of news that the U.S.-North Korea summit may be delayed and a renewal of trade war jargon between the U.S. and China. It is difficult to discern what the reality is, as comments remain fluid. We have exited our long gold trade at $1,297 and prefer to wait for a break above the $1,302 level for confirmation that the uptrend has resumed. There is enough noise to prevent us from suggesting an outright short but the strong dollar and the technical damage to the charts once gold broke the $1,302 area remains a headwind to the upside. Prefer to have the market confirm a direction before taking a more aggressive position. Release of the FOMC meeting minutes at 2 p.m. E.T. today should create some volatility.

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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