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Gold-Price Levels Defined

Commentaries & Views

Gold appears to have found a new trading range, which is $1,270-$1,290. The range looks solid as gold prepares to make its next big move. Gold’s next move is still undetermined as it rallies to the top and breaks to the bottom, with support and resistance both holding tight and making the war between the bulls and the bears a draw.

Eventually this pattern, known as congestion or the greatest time of uncertainty, will change and either the bulls or the bears will take charge. From a fundamental side, with the global economy failing and equities getting ready to break down, the bulls could take hold and break out to the upside, taking gold much higher.

On the other side of the gold coin, the trouble in equities didn’t just start today, and gold has had trouble breaking out to the upside, which means the bears could take over and break the metal, continuing the down move. Until further notice and all the reason’s gold should rally, it hasn’t. The move is lower until the pattern changes; for now, sell the rallies.

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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