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Gold Stabilizes But Strong Dollar Remains Obstacle To Higher Prices

Commentaries & Views

(Kitco News) - Gold has settled down overnight with indications of fresh buying out of Asia. The primary short-term headwind for gold remains the strength of the dollar, which continues to benefit from inflows against the widening yields in favor of the U.S. From a technical level, support appears around the $1,272 area, with the next level at $1,267. Should we lose the secondary line, the short-term target remains $1,250. Investor apathy remains apparent in North American retail demand; however, secondary product, such as Eagles ,Buffalos and Maple Leafs, offered at reduced premiums to current year is beginning to attract investors wanting to hold physical gold. Silver has buying interest at the $16.20 level and remains a better proxy for the bulls.

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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