Gold Consolidates As Chinese Lunar New Year Begins

(Kitco News) - Gold looks a little tired here after moving to our firstpivot target of $1,357. With the start of the Chinese Lunar New Year, volumeswill drop dramatically and traders will want to watch the dollar, particularlyagainst the euro, where overnight the rate broke up through 1.25 euro/dollarbut has subsequently settled back below the figure. Prefer to take profits onthe recent run and re-engage against a break above the $1,365 level. The U.S.holiday Monday will also create diminished volume and traders may flatten theirbooks ahead of the weekend.

By Peter Hug

Contributing tokitco.com

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