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Metals: Breakdown of Israel Hamas Talks Sends Metals, Stock Indices Higher

When we look at the gold market, the reason I put out the update was I told my clients in it: 'This is bullish on gold, the energy markets, bonds and notes, the event that that peace treaty talks had broken down.'

Gold did rally, you've had a big one. You're up nearly 2% percent for the month. The market is now stepping out of this ladder that we had and with the action, you've now changed the trend. Now, you have higher lows and higher highs, you didn't have that just 48 hours ago.

Now, the market is looking here at the 18-day average, it's the area that I would expect that we're going to see buying take place at on breaks, probably stops under the most recent low of $2311.40. Objective will be something in the $2400 level, if the market can make a run back into these old highs and momentum turning up. That's what I'm pretty well expecting in the market. What's led the way in the medals has been silver, not gold.

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