KITCO NEWS - Traders are nervous ahead of this week's meeting of central bankers at Jackson Hole, Wyoming, this according to Peter Hug, a veteran trader himself and the global trading director for bullion dealer, Kitco Metals. The meeting is expected to provide clues on central-bank monetary policy. 'I'd be a little nervous here...if comments are made over the weekend, there could be some volatility on Sunday,' Hug said. 'A market that is skewed to the long side is likely to take some profits and probably flatten out the position going into Jackson Hole,' he added. Hug said to look for $1,282 gold to hold, with secondary support at $1,278 an ounce. The upside requires a close above $1,297 to set up a break above the $1,300 print. Kitco's spot gold index was last down $6.30 at $1,285 an ounce.
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This article is commentary by an independent contributor.