Pressure Is Mounting In Gold Market
(Kitco News)- After gold reached $1,326, thepressure has been on and gold is ready to test the recent lows at $1,302. Itwould be no surprise to see gold bounce off the $1,302 level, but breakingthrough $1,300 is almost a certainty in the current pattern.
The successive lower highs andlower lows indicate that the pressure is mounting on gold's way to $1,280. Goldis just ugly right now and the added pressure from a strong dollar is justanother excuse for the sellers to push gold lower.
Even with the recent pressure,gold has not yet become oversold, meaning a dead-cat bounce is not in the cardsyet. We continue to observe waiting to see the action when the $1,280 level isreached. We are looking to be buyers at those levels, depending on the priceaction when $1,280 prints.
Contributing tokitco.com
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