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Gold Trades Like Market Closed; No Action

Commentaries & Views

Gold has been trading as if the markets have been closed. There has been no action and the range is getting tighter and tighter. For the last two weeks, we have written about the torture of consolidation, which is exactly what the metals markets have been doing.

The metals are getting ready for a huge move, and the pattern suggests that the move will be higher. Gold has been making higher lows throughout the consolidation pattern and looks ready to break out to the upside.

There is no telling when this big move is coming or which way it will go. However, all signs point to the move coming sooner rather than later and also suggest the move will be higher. Watch the action at the $1,300 level; that will give us the best clues of the next move.

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.