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8/30/17

Gold price action: pretty impressive so far

With the emphasis on so far.

Gold's doing well to stay handily above the U$1,300/oz line, doing so in the face of a mini-rebound in the US Dollar (thanks to the GDP number). The way gold trades in the very-near-term is sentiment based, in other moments that reversal in the dollar would have sent gold tumbling but not this time. The metal is showing backbone, and two tonnes added to GLD inventories yesterday.

A Friday close above 1.3k will suit me just fine.