Has Gold Seen The 2018 Low? Maybe
(Kitco News)- For traders, gold has offered a nice range over the pastweek. Buying the $1,207 support line and taking profits in the high teens hasworked three times in the past week. In the doldrums of summer, it at a minimumkeeps you awake. Given that there has been no fundamental change in interest-rate differentials and no flare-up ofgeopolitical tensions, one would expect the market to be testing at a minimumthe $1,200 line. The longer we can hold above the $1,207 area, the higher-percentage bet, is that we may have put inthe low for 2018. Seasonally, looking at past charts,the second half of August generally marks a springboard for higher trajectoriesinto the fall. The key remains the dollar, which is beginning to flat line. Wecontinue to watch the 1.15 euro/dollar line. If we can stay above the number,we remain constructive on gold prices. Technically, support at $1,207; resistance at $1,222.
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