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Gold and silver headed lower

Commentaries & Views

Gold and silver were under pressure on Monday after trying to rally early. The selling pressure became intense for a short period of time. The metals closed lower on Monday, near theirs lows of the day.

This morning gold and silver are mixed near the unchanged level but should be headed lower. The key resistance levels remain in place at $1,520 gold and $17.80 silver. The pattern points lower. The next support for gold is $1,480 and $17.20 for Silver.

For the next two days, markets should be quiet, which can lead to bigger price movement in either direction. Tonight, starts Yom Kippur which runs through tomorrow. Expect this afternoon and tomorrow to be slow trading, which can lead to exaggerated moves. Besides the Yom Kippur holiday, the China trade news Thursday could lead to crazy moves, the levels of support and resistance are solid.

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.