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Will Gold Investors Get Tricked Or Treated?

Commentaries & Views

It’s Halloween. Will gold traders and investors be tricked or treated? With gold now testing the lower end of the consolidation pattern, how scary will it be for investors? The trick from here is to observe gold as it searches for support, which should be no worse than $1,215.

The trading action in gold appears to have tricked traders and investors with its failure to break out at $1,240. The longer-term pattern still indicates gold is consolidating and the next big move should be higher.

The spell of congestion can last for an extended period, which means the breakout --when it comes -- will be more explosive, and we believe up. Don’t get tricked by a false move; look for a level to treat yourself as gold holds support.

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.