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Gold Prices Remain Constructive

Commentaries & Views

(Kitco News) - Despite the stronger dollar overnight gold continues to remain resilient. The news overnight of expected slower European growth this year and next, which hurt the euro in dollar terms, created some strength in the dollar. The risks ahead with Brexit, the Italian election and the possibility of another U.S. government shutdown continue to create a bid for the yellow metal. The Asian markets will be back in full swing next week, which may also create renewed demand for gold. From a technical level, we continue to watch a break of the support line, initially at $1,307 and again at $1,302 on a close basis for signs of a market reversal. The resistance area of $1,325 is the pivot area for a break to the $1,337 line. We remain constructive into next week, after the consolidation witnessed throughout the current week.

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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