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Gold Prices Under Pressure

Commentaries & Views

The miserable phase of consolidation continues in gold, and this morning there is pressure taking gold back down near the support level of $1,280. This action is no surprise; it’s just part of the pattern.

From a trader’s standpoint, we will look at this as a buying opportunity. The range in gold remains $1,280-$1,300. There will be some panic here as the weak hands will be selling; it’s the natural reaction to the consolidation pattern.

The important thing for traders and investors to remember is congestion is the greatest time of uncertainty. This is where we must use the footprint of the market, which tells us the current range is $1,280-$1,300 and this should be a buying opportunity.

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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