Make Kitco Your Homepage

Gold Prices Rally Off Support Line

Commentaries & Views

(Kitco News) - The dollar came under pressure overnight and supported a mild bounce in the metals complex. The equity markets look to open lower on the anniversary of Black Monday, possibly a cautionary reaction after the recent spike in valuations, but you never know. Focus will be on the budget vote today which is crucial in advancing the agenda for tax reform (cuts). Treasury Secretary Mnuchin warned that a failure on tax reform would have dire consequences for the equity market. For traders, gold is in neutral territory and requires a move up through $1,287. Downside support remains at the $1,278 level. For investors, insurance positions remain justified.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

Precious Metal Charts

Follow Kitco News

Kitco Offers