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Gold Hits $1,300 And Fails

Commentaries & Views

Our $1,300 target in gold has been achieved and the metal is now selling off a little, which is no surprise. Gold should now go into a consolidation pattern for some time before making its next move to the upside. At the same time, silver almost reached our target of $16, trading as high as $15.96.

The metals are in a bull market now and we see no reason for this pattern to change anytime soon. The metals should start to churn in congestion as they prepare for the next leg up. This action is very healthy and should lead to another leg up.

Technically speaking, the patterns for gold and silver are very bullish. Now that they have both met our upside targets, a period of congestion should ensue, setting up for another breakout to the upside. The levels we are watching are $1,280 gold and $15.60 silver.

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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