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Gold and silver look weak

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(Kitco News) On Monday, which was a quiet day in general, the metals struggled to hold the earlier rallies. The action remains bearish with very little reason to believe the lows are in. There appears to be more room to the downside, which should take the metals to a new support level.

Gold and silver still have room to go lower and should test $1,440 December Gold futures and December Silver which is $16.50. Although we know there will be higher prices at some point, the footprints today call for lower prices.

One of the biggest keys for trader’s and investors to remember is all markets run in cycles creating patterns whether they are bullish or bearish. The metals patterns today are bearish and lower prices are on the horizon. There is no reason to buy at these levels until the footprint turns to bullish. Sell rallies until further notice.

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.