Gold Pushes Through $1,200

By Kitco News / August 21, 2018 / www.kitco.com / Article Link

After being beaten intosubmission, gold appears to have found a bottom and has pushed through $1,200.The $1,180 bottom was a natural level at which to look for support to hold, andthe rally is not a huge surprise.

Although gold is rallying asexpected, this is not the time to get complacent or overconfident. We think thenear-term lows are in and gold should rally to $1,220-$1,240 levels; however,this could just be a dead-cat bounce in an oversold market.

We wrote last week about the dumbmoney, smart money distribution and the dumb money has added to shortpositions. This action suggests the bottoms are in, but another test of $1,180or even the overnight low of $1,167 could be tested. We are buyers with cautionknowing that there could be a push down before the rally continues.

By Todd 'Bubba' Horwitz

Contributing tokitco.com

ContactBubba@bubbatrading.com www.bubbatrading.com/ Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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