Opinion with Peter Hug
Gold Prices Rally Off Support Line
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
(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.