Opinion with Peter Hug
Gold Continues To Shine As 2018 Begins
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
(Kitco News) - Gold continues to find buying interest on the back of continued dollar weakness and growing geopolitical rhetoric from North Korea and Iran. An uptick in manufacturing demand out of China continues to help the industrial metals, and the current cold snap in the U.S. Northeast has helped maintain oil above $60. Technically, gold looks healthy and a break to the $1,322 level is possible, but the recent run is vulnerable to a correction. The $1,302 level should provide support but the key to continued momentum remains dollar weakness. The euro has broken above the 1.20 euro/dollar level and a serious correction in gold will likely not occur until this trend reverses.