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Gold To See Minor Profit Taking As The Metal Reflects On Rally - RBC's George Gero

Kitco News

Gold prices are taking a pause after rallying on Monday, as traders use the moment for profit taking, says George Gero, managing director at RBC Wealth Management. “Gold pausing today, may see minor profit taking, as all attention on strong stocks. Weak dollar continues,” Gero writes. One of the looming risks this week is the U.S. government shutdown, he points out. “Gold pausing to reflect on all this for now.”

By Anna Golubova of Kitco News;


Gold’s $1,330 Support Level Should Hold - MKS 

Tuesday January 16, 2018 08:53

Spot gold prices fell Tuesday after trading above $1,340 in the previous session, but MKS PAMP trader Sam Laughlin believes the metal has more room to run and the $1,330 support should hold. “Supportive interest around USD $1,330 should restrict any further declines; however, should we see a period of weakness, support broadly around USD $1,305 - $1,310 will act as a pivot point for the metal and will need to hold to continue the recent upward momentum,” Laughlin says in a note to clients. Gold looks ready to test its September high in the near term, he adds. “We are likely to see further short squeezes over the near-term as the metal edges toward USD $1,350 and above this the September 2017 high around USD $1,357 will be the ultimate target for bulls.” 

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