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Gold Pauses But Pressure Remains

Commentaries & Views

(Kitco News) - Gold’s break to the downside was signaled on Friday when the euro failed to hold support at the 1.15 euro/dollar level. Traders were reluctant to sell into the weekend but the momentum accelerated on Monday. The issues with Turkey should have provided some safe-haven buying but the flows went into the dollar, as traders ignored gold’s historic role. The selling in gold has abated somewhat this morning as the dollar has given up some of its gains but the pressure remains to the downside in the commodity space as pressure continues to build in the emerging economies. Gold will need to recapture the $1,202 level to regain some bullish momentum. First support is seen at $1,192 and then again at $1,187.

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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