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Dave Kranzler: The path of least resistance for gold is up
By Dave Kranzler
Investment Research Dynamics, Denver
Monday, December 2, 2019
The price of gold has held firm at the $1,460 (front-month contract basis, not the Kitco "spot" price) level despite the constant price attacks that have been occurring overnight and into the Comex floor trading hours since early November.
On an intra-day basis gold has managed to hold continuous aggressive attempts to push the price below $1,460 for the last 6 trading days, including today. Interestingly, last Tuesday (November 26) and Friday, gold shot up during the Comex floor trading hours in the absence of any news or event triggers.
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Zerohedge attributed Tuesday’s spike in gold to the jump offshore yuan vs the dollar. But that day gold started moving before the yuan moved. On Friday, gold soared as much as $14 from an intra-day low of $1459 while offshore yuan declined vs the dollar. Zerohedge’s explanation for the mysterious movement in the gold price on two days thus lacks evidence.
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