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Gold Prices Back Above $1,300

Commentaries & Views

On Thursday, the bottoms held in gold and the metal rallied over $15, going back above $1,300. The bounce was expected based on the pattern that gold had been trading the last couple of weeks. The $1,280 level held, and the rally was on as gold looks to make a run at $1,320.

Did the cancelling of the North Korean summit help gold prices? In our opinion, the answer would be no; gold appeared to be ready to rally well before the announcement. Gold continues higher this morning as it heads towards the next resistance level of $1,320.

Traders and investors like to search for reasons that markets sell off or rally, but the fact is gold was technically ready to rally, which is exactly what it did. Remember, all markets trade on technicals and money flow, not the news. Follow the market footprint, which will tell you the news before it comes out.

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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