Gold Higher But Technical Confirmation Needed
(Kitco News)- Gold has found some short-term support on the back of newsthat the U.S.-North Korea summit may be delayed and a renewal of trade warjargon between the U.S. and China. It is difficult to discern what the realityis, as comments remain fluid. We have exited our long gold trade at $1,297 andprefer to wait for a break above the $1,302 level for confirmation that theuptrend has resumed. There is enough noise to prevent us from suggesting anoutright short but the strong dollar and the technical damage to the chartsonce gold broke the $1,302 area remains a headwind to the upside. Prefer tohave the market confirm a direction before taking a more aggressive position. Release of the FOMCmeeting minutes at 2 p.m. E.T. today should create some volatility.
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