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Gold and silver bouncing this morning

Commentaries & Views

The short term down trend in metals continue, gold and silver bot failed last week at resistance. Friday saw some heavy selling early before rallying back cutting their losses in half. This morning metals are slightly higher but well-off Friday’s highs.

The recent downtrend has created a new resistance level at 1510 gold and 17.80 Silver based on December futures. There is no reason to believe that the metals will turnaround anytime soon and we expect the selling to continue.

Like all markets gold and silver should follow the footprints that have been established over the last two months. We have targets of 1440 -1460 gold and 17.00 silver. There are targets below those levels but we continue to watch one level at a time.

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.