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Gold Continues To Fight

Commentaries & Views

Round two of gold’s battle to hold support was once again taken by the bulls. As we have written many times in the past, the torture of a consolidation pattern creates a lot of bad decision-making by the traders and investors involved.

The key to recognizing the consolidation pattern is a big step in making and keeping profits. All markets become untradeable at certain times -- the ability to observe the market and let the footprints guide you go a long way to better decision making.

As the metals churn in this congestion pattern, keep in mind support in gold remains $1,310 and silver $15.65. The pattern itself remains bullish and there is no reason to sell here. Until the pattern fails, the best trade is the one of patience. Until consolidation ends, the best trade is no trade.

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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