from Kitco NEWS
Asian markets created most of the action overnight, pushing gold once again near the $1,376 resistance level and silver as high as $20.70, says one veteran trader. Speaking with Kitco News on Monday, Peter Hug said the European market took profits on stronger equity prices. ‘After Friday’s jobs number, the market retraced, giving traders an entry opportunity for a nice trade. The question now becomes: is the $1,376 a double top?’ he questioned. ‘We suggest the next attempt will take out the resistance level, if indeed we are consolidating, but the big rallies in the Tokyo market, after Prime Minister Abe’s Liberal Democratic Party won a larger- than- expected majority, and the spillover to European and U.S. markets, may pull capital from the metals back to the equity space,’ Hug explained. The veteran trader suggested to look for support at the $1,350 level. Gold prices ended the U.S. day session near steady Monday. Silver futures finished higher and closed at a new two-year high close today.
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