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Gold Holds $1,190

Commentaries & Views

Gold was under heavy pressure on Thursday but was able to hold the $1,190 level, which looks to be new support and a higher low. The pattern suggests the lows are in for now, but gold still has a lot of work to do at these levels to confirm a rally.

Look for gold to consolidate between $1,190 and $1,210, which would give us enough confidence that the lows are in. However, a break below $1,180 would cause some major heartburn and would mean lower prices.

Chair Powell is in Jackson Hole, Wyoming, and speaks today. His words could create a big move in gold depending how he uses them. As we have witnessed over the years, everyone tries to read between the lines. In my opinion, if there is a big move because of Chair Powell, I think gold will rally.

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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