Opinion with Peter Hug
Gold Catches A Bid
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
(Kitco News) - Gold opened the new quarter on renewed buying interest. Gold held our $1,322 level going into the long weekend and aggressive buying emerged at the Asian open overnight. The Chinese have shot back and leveled tariffs on 128 U.S. products, which reignited the possibility of a trade war between the world’s two largest economies. The U.S. equity market continues to struggle and the U.S. dollar is showing signs of wear. Unless these scenarios reverse, it remains unlikely the Fed will be as aggressive, as analysts are now predicting. Look for gold to break above the $1,337 level for further momentum. Support appears around the $1,325 area. It is difficult not to be bullish in the current panorama.