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Gold close to all time Highs

Commentaries & Views

With prices over $2000, gold has a path back to its all-time spot high of $2,075. Traders are prone to taking profit when the price of an asset approaches all-time highs; a pullback in gold becomes increasingly likely as prices move toward $2,075.

Should gold blast through the level, we would expect that to be new support. Silver found its own support around $25.50 yesterday intraday, which springboarded the metal toward another higher high of $26.30 overnight. It will be interesting to see if silver can hold relative strength against gold should the yellow metal pullback. Platinum continues to trade in a consolidation pattern but from a higher base.

Palladium, which continues to experience volatility akin to what crypto traders might be familiar with, trades back under $3000 as of this writing. The price action in palladium could serve as an example of the aforementioned profit-taking preponderance traders have when all-time highs are in play.

Equity markets continued to see red yesterday, with the Nasdaq entering bear market territory and threatening to break down lower. A capitulation of stocks holders may soon materialize as fear, remains the pervasive driver of investor and trader decision making.

Stay on alert for further volatility, and have a great day.

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.