Gold Remains Resilient

(Kitco News)- Gold has shown remarkable resilience in the face of a strongerdollar. Geopolitical tensions have created some support but the oil price surgemay create an acceleration of inflation, within the context of the Fed nowprepared to look at their inflation target in a symmetrical fashion. This mayprove to be a head fake to the upside and we suggest waiting for confirmationon a close above the $1,322 level for an acceleration of momentum. Silvercontinues to be well bid and the silver/gold ratio is beginning to drop. Shouldgold break higher, we believe silver offers the best risk/reward play. Retailinflation data, should it spike, will alsoadd to the momentum in the commodity space.

By Peter Hug

Contributing tokitco.com

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