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Strong stocks and U.S. dollar are blocking gold’s major move up - RBC Wealth Management

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A major move up in gold is being blocked by strong stocks and higher U.S. dollar, says RBC Wealth Management managing director George Gero. “Strong stocks, strong dollar are still headwinds for a larger rally for now until we see more economic, political  and surprise headlines going forward,” Gero writes. Gold remains between the $1,450 an ounce and $1,500. “Today’s short trading session on U.S. stocks, today’s prices on monthly statements important for December tax planning in commodities, and continued demand from international investors for gold especially in South America, Middle East and Far East are helping,” he says. “So far buying bigger dips and selling large rallies in a range bound $1,450-$1,500 gold has been the traders favorite.”

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