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Gold Crush

Commentaries & Views

Just when you thought it was safe to dip into the gold pool, there was no support and gold got crushed on Thursday. The panic and puking sellers forgot about price and time and couldn’t wait to sell, taking gold down to $1,186.

One of the basic rules of trading and investing is to never let them see you sweat. Of course, gold did come off the bottoms and held support. Gold is now at the bottom end of the range and is probably a good trade from a risk-reward basis.

Traders and investors make the common mistake of chasing markets up or down. We have written for weeks that gold was in consolidation and should be observed. Although we are looking for a place to buy, there is no rush while the churning pattern continues.

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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