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Has Gold Seen The 2018 Low? Maybe

Commentaries & Views

(Kitco News) - For traders, gold has offered a nice range over the past week. Buying the $1,207 support line and taking profits in the high teens has worked three times in the past week. In the doldrums of summer, it at a minimum keeps you awake. Given that there has been no fundamental change in interest-rate differentials and no flare-up of geopolitical tensions, one would expect the market to be testing at a minimum the $1,200 line. The longer we can hold above the $1,207 area, the higher-percentage  bet, is that we may have put in the low for 2018. Seasonally, looking at past charts, the second half of August generally marks a springboard for higher trajectories into the fall. The key remains the dollar, which is beginning to flat line. We continue to watch the 1.15 euro/dollar line. If we can stay above the number, we remain constructive on gold prices. Technically, support at $1,207; resistance at $1,222.

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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