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Gold closes below 1500

Commentaries & Views

Thursday saw gold and silver sell off, the selling was not panic, or fear induced it was simply failing from a resistance level. The trend has reversed and is now lower, which indicates selling rallies that reach resistance.

Thursday’s sell off came exactly from where it should have, and it did not disappoint. The metals did close on support which is prompting a little rally this morning which should fail, $1,510 should be the top of this rally if it makes it that far.

The close below $1,500 gives confirmation that the probabilities that gold will test the recent lows of $1,460. Our first target is $1,440, but know gold is not going straight down. The simple fact that gold has made successive lower highs which should continue

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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