Gold Price Remains Pressured By Stronger Dollar
(Kitco News) - Gold and silver, after afew attempts, were both unable to break upthrough their respective resistance levels of $1,322 and $17.22. The break-downof the euro/dollar trade through the 1.20 level initiated some profit taking inboth metals yesterday. The 30-year U.S. bond broke above the 2% level yesterday, adding further pressure to the metals complex.The metals have remained resilient in the face of a soaring equity market andsome calming of tensions with North Korea,and a significant sell-off is unlikely. Gold may trade down to the $1,305 leveltoday and silver may fade as low as $16.87, should the $17 level give way. Wecontinue to see the resistance levels noted above as the hurdle to overcome forcontinued higher momentum.
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