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Gold's Next Stop: $1,275

Commentaries & Views

Like a train conductor, we will continue to call out the levels we see in the gold market. The next stop appears to be $1,275. We see very little resistance or traffic jams that will derail this rally. The path seems clear that gold is going higher and there is very little in the way.

However, you must always remember that markets don’t sell telegrams and they never announce their intentions, but for now the metals look like they are headed higher. There have been a few worrying about the strength of the dollar; we are not. In fact, we expect both to move higher in this environment.

Added strength is now coming from the once-dead miners as they start to show some strength. The $1,245 level is solid support and should be used as a level to buy until this pattern changes. For now, from our point of view, it’s full speed ahead.

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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