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Gold Repeating A Bullish Pattern

Commentaries & Views

Gold has once again found the ability to churn into a consolidation range as it prepares to take off to the upside. The pattern itself is extremely bullish and is showing no signs of slowing down.

Gold is continuing to make higher highs and higher lows, which leads us to believe it will achieve our next target of $1,275 sooner rather than later. Due to the fact that support continues to rise, we would want to be buyers of dips. Right now, we would be buyers between $1,240-$1,245.

What many will find interesting is the dollar and gold are in similar patterns and to quote the Duke brothers from Trading Places -- that can’t be right! The one thing we know about all markets is they never announce themselves and they are always right.

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.