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Quarter-End Squaring Brings In Dollar Weakness And Reprieve For Gold

Commentaries & Views

(Kitco News) - Gold regained the $1,250 level overnight primarily as a result of a weaker dollar. We remain unconvinced that the dollar rebound is based on any fundamental changes, in the short term. The trade has enjoyed a stellar performance in the strengthening greenback but the move overnight suggests traders may have taken some profits on the last trading day of the quarter to lock in good optics on their portfolio statements. We will await the new week to determine whether the dollar has posted an interim top. We expect continued volatility today and into next week’s holiday trade. There is good interest at the $1,247 level for gold and yesterday’s $15 big figure print brought silver buyers back into the market. The volumes yesterday suggested retail is locked and loaded, but still chasing lower entry points.

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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