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Gold may have found a bottom

Commentaries & Views

Monday, gold and silver saw some very good price action, which may indicate the bottom is in or close. The reversal made from the lows was a good start. However, that doesn’t change our views but is sending potential warning signs.

Yesterdays price action could have been a false move and the selling could continue or it is the bottom. This will play out over the next several days and the pattern will give us the answer of the next big move.

We will remain short, but will not be adding to our shorts until we can confirm the upcoming price action. Remember that price always determines the next move, price is king. Monday’s trading could prove to be a false move and the downtrend resumes, or the bottoms are in. Observation is the key here

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.