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Gold Bounces Off Support But Remains Range-Bound

Commentaries & Views

(Kitco News) - Gold held the $1,307 level yesterday and is experiencing a modest bounce into the open this morning. It appears that the government shutdown will be avoided this Friday but until the president signs off, there continues to be some anxiety in the market. The primary focus continue to be the China/U.S. trade tensions, which may produce some clarity by the end of the week, as negotiators resume their meetings. Until the market breaks out of this tight range, retail investors continue to show apathy towards the yellow metal. Gold however, continues to show resiliency in the face of the recent strength in the dollar and the technical picture remains constructive. This $15 range in gold will break soon and the move will be aggressive with a minimum initial move of $20 either side of resistance/support.

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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