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Gold Fails At Six-Month High, Now Rebounding

Commentaries & Views

On Wednesday before the Fed announcement, gold was sailing along making new six-month highs before collapsing back to our support level of $1,245. After the Fed, gold and the miners got clobbered. This morning they are regaining much of those losses.

Gold continues to be strong and headed for our first target of $1,275, which could happen in the next day or two. There appears to be a lot of underlying strength, especially after watching the nice recovery overnight.

Silver has struggled but now looks ready to pop as it hovers around resistance in a tight consolidation pattern. Our next target in silver is $15.50, and we expect it to break out any day. Silver should follow the same path as gold, and once it breaks out should be off to the races.

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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