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Gold Bears Struggle

Commentaries & Views

Gold bears continue to struggle trying to break the support level and once again have failed. On Thursday, for much of the day, gold struggled below the $1,280 level, looking like it was going to break down, only to close at $1,280.

This morning gold is rallying trading at $1,283 and looks to have staved off a breakdown once again. As the bears continue to try and break the pattern, the bulls buy at support.

The pattern remains bullish and until gold can close below $1,280 for a couple of days, the only trades to be made here are to observe or buy. For now, there is no reason to believe that gold will head lower until this pattern is broken. We remain bullish.

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.