Picture Is Getting Clearer
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
Yesterday we asked the question -- what’s wrong with this picture? We got the answer that we expected -- the metals are under pressure. Gold sold off about $12 and is now testing key support.
Gold doesn’t look real healthy here. Although we expect a bounce today, we are looking to be sellers. Based on the market action in the last couple of days, gold should be much higher, but it’s not. Markets leave footprints and this print is sending out warning signals
The big rally we saw from the recent lows looks like it has run out of gas and is desperately looking for some support. We expect this sell-off to continue and a test of $1,300 looks to be in order. We aren’t liquidating long-term longs but we are selling in the short term.