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Gold Stuck In Quicksand

Commentaries & Views

Day after day, gold sits around and churns between $1,280-$1,300. There is no way to know when the next big move is coming, but we do know that this pattern can last for an extended period of time.

Trading ranges can last until they don’t; there is no way to time the end or which way it will break when it ends. We can only use the information left by the footprints and the money to figure out the probabilities of the next move.

Based on the information, we can see gold looks ready to break out to the upside, continuing the rally that began at $1,180. Gold is moving into a bull market, and a breakout above $1,300 will confirm that. We remain bullish on the metals and are looking for the next target of $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.