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Gold Prices Struggle To Break Above $1,290

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Here we go again, and we aren’t referring to the Dolly Parton song. Gold failed to break above the $1,290 level. After spending much of Friday above that key level, gold closed at $1,288 and now sits at $1,284.

This failure doesn’t mean all is lost and gold will go way down; it only means that the first test to change the current downtrend has failed. The bottoms could be in but the $1,275-$1,280 level must hold or we will look at the recent rally as another selling opportunity.

The big question is what do we do now? The answer is simple -- we observe patiently, waiting for a better footprint to guide us. Traders and investors don’t get rewarded for being first; they get rewarded for being right. Sometimes being right means you are watching and waiting.

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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