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Gold Continues to See Selling Pressure

Commentaries & Views

(Kitco News) - Gold continues to suffer from the Fed’s hawkish statement at least week’s FOMC meeting. The entry of Canada into the U.S.-Mexican trade deal announced overnight has spurred further investment demand into the equity sector and created a small bounce in the dollar. The fact that the Fed officials see continued robust growth to support their rate projections creates a negative fundamental aspect for gold, but does help the industrial metal complex. Silver remains well bid and strength remains evident in the platinum, palladium and rhodium complex. On a technical basis, gold finds support at the $1,182 level, with resistance initially at $1,192 and then again at $1,197.

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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