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Healthy For Gold To Consolidate

(Kitco News) - Gold continues to consolidate, with a slightly softer bias against a modestly higher dollar and stable equity prices expected at the open. Yesterday’s comments by a couple of Fed presidents that monetary policy should remain cautious and patient, in lieu of low inflation and questionable growth, reinforces the view that the Fed’s recent hawkish stance is waning. The 10-year U.S. bond is trading close to the 2% level, which continues to pressure the dollar and remains a constructive signal for higher metals prices. There appears to be some resistance at the $1,345 area, but a break through here should clear the road for a test of the $1,355-57 area. Silver should attempt a break above the $18 handle, with an initial target of $18.20.

By Peter Hug

Contributing to kitco.com

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