Gold Continues To Shine As 2018 Begins

(Kitco News) - Gold continues to findbuying interest on the back of continued dollar weakness and growinggeopolitical rhetoric from North Korea and Iran. An uptick in manufacturingdemand out of China continues to help the industrial metals, and the current cold snap in the U.S. Northeasthas helped maintain oil above $60. Technically,gold looks healthy and a break to the $1,322 level is possible, but the recent run is vulnerable to acorrection. The $1,302 level should provide support but the key to continuedmomentum remains dollar weakness. The euro has broken above the 1.20euro/dollar level and a serious correction in gold will likely not occur untilthis trend reverses.

By Peter Hug

Contributing tokitco.com

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