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Gold: the real crystal ball? UPDATE

Commentaries & Views

The weak inflation numbers and the reaction in the USD speak for themselves (you may want to read yesterday’s short piece if you haven’t).

Having gapped gold up following the CPI print, bulls would aim for a weekly close above $1,810 -15 and $20.95 for silver.

Stocks are pushing higher again today in the face of the many, many calls for at least a short-term top. The pain in stocks is still higher, in this trader’s opinion.

The chart we have been showing is updated below:

With the daily stochastics finding support at the upper boundary and today’s breakout to higher highs, a test of the 200 dma (blue) remains the extended target, especially if today’s intraday gains stick into the weekly close.

Thanks 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.