Gold Steady Ahead Of Labor Day Weekend
(Kitco News)- Some volatility occurred as expected yesterday, as tradersbegan squaring their books for month end and the last semi-official days ofsummer, with the long weekend ahead. The market is expected to be very thinafter the European close and for traders looking to mitigate their risk,prudence suggested liquidity was going to deteriorate today. We may get anotherstab at the $1,200 support level today, but think overall we may see somestrength from the shorts reducing their exposure into the three-day hiatus. Welook for support at the $1,200 level, with a small likelihood of seeing an$1,197 print, with the upside first contained at $1,207 and then $1,212. Thecaveat is no presidential tweets on the U.S./China trade dispute.
We wish everyone a safe and enjoyable Labor Dayweekend.
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