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Will Today Be The Day For Gold?

Commentaries & Views

Like a great soap opera, gold continues its saga like the Days of our Lives. The ups and downs within the consolidation, with emotional swings, continue daily. This is no more than the torture of congestion and can last longer than anyone can predict.

With gold churning between $1,280 and $1,300, we should expect disappointment at $1,300 and hope at $1,280. Eventually gold will break out of this range, with the direction to be determined. If we take the footprint that has been forming the past six months, the odds favor the move to the upside.

Gold and silver have been able to shrug off the strength in the dollar, the idiocy of the Fed and any other news that might normally cause the metals to sell off. All signs point to a breakout to the upside, and there is no reason to believe that will not be the case. Today could be the day that gold pushes through $1,300 on its way to $1,340.

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.