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Thread: Summer Doldrums Here, Gold Near-Term Technicals Look Bearish - Jim Wyckoff

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    Default Summer Doldrums Here, Gold Near-Term Technicals Look Bearish - Jim Wyckoff

    Jim Wyckoff joins Kitco News to talk about gold and silver technicals ahead of key U.S. economic data due for release later in the week. "I could sense that much of the marketplace has kind of moved to the summertime doldrums,” he says, adding that he expects trading to be subdued for the time being. “What this means for gold is more sideways to choppy trading, but with a downside bias given that the near term technicals for both gold and silver remain in the bearish camp,” he says. Wyckoff also shares his market ratings for gold and silver this week as well as telling viewers about his new daily audio cast on called THE OPEN. Tune in now! Kitco News, June 9, 2015.

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    Yes, it’s true that gold prices has declined consistently over past few years but there are many other factors that may turn the gold prices up. India and China, the largest gold consumers, has continued their gold purchase. Last year, Demand for gold from India was so high that the government has to impose restrictions on gold import. Adding up to this, recently central banks have also been news for their gold purchases. In spite this rising demand, the supply seems to remain static. So, considering the economic and supply-demand factors, the outlook for gold seems bullish.

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