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Consolidation Until Further Evidence Of Nature Of Fiscal Policy


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Consolidation Until Further Evidence Of Nature Of Fiscal Policy

Friday January 06, 2017 10:45

(Kitco News) - The employment data was a non-event for the metals today, but the drop in factory orders, albeit a possible temporary event, created some modest buying in the complex. Gold is digesting the recent $40 pop from the December lows but is struggling to maintain momentum. We almost got to our target of $1,192 yesterday, but profit taking overnight ahead of this morning’s numbers created a modest pullback. The metals will be directly affected by dollar movement and the dollar may remain in a somewhat tighter range until there is more clarity on fiscal policy. Would look at the $1,165- $1,182 range until further clarity is provided. A break of either side will create momentum.

By Peter Hug, Kitco Metals Global Trading Director; phug@kitco.com

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in precious metal products, commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.