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Black Friday For Gold?

Commentaries & Views

Today is Black Friday for retail, the biggest shopping day of the year, but nobody seems to be shopping for gold. More than likely, this is just another buying opportunity for gold, with the pattern suggesting that the metals are still in consolidation.

Eventually consolidation will end, and the metals will break out one way or the other. The simple facts are the metals are at or near support and the next big move should be higher. There is no guarantee that gold will rally, but the probabilities certainly point to the upside

Many have emailed me with concerns and predictions that gold is going to break down. I don’t see it. It is my opinion that as long as gold holds the $1,200-$1,210 level, prices will go higher. For now, we would rather be long than short and will continue to look for higher prices.

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.