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Gold Looks To Have Found Support

Commentaries & Views

Since Aug. 16, gold has been driving higher. Every attempt to break has been met with buyers. We see that pattern continuing as gold appears to have found a higher level of support.

Although the key level for gold remains $1,300, the $1,310 -$1,312 level looks very solid and should hold. The activity in the metals is strong and should continue at least until our next objectives of $1,350. We are looking for at least $1,400 this year but for now the range is $1,300-$1,350.

There is no reason to expect a big-sell off in gold, not that it can’t happen. As traders and investors, we always have to remember that markets never announce themselves and the pattern in metals is higher. It’s as simple as that.

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.