Opinion with Peter Hug
Gold Remains Range Bound
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
(Kitco News) - Gold remains caught in a tight trading range, bouncing up against resistance once again at the $1,339 area. The softening of the trade war jargon overnight saw Chinese President Xi Jinping offer a more conciliatory tone by promising to open up the Chinese market. This was offset by concerns over the level of the U.S. response to Syria’s use of chemical weapons. Until the response, if any, is clear and the markets can assess the fallout, the Syrian issue is likely to remain in focus and provide a floor for gold. Technically a break through the $1,339 area on a close basis sets up a retest of the $1,355 target. Support comes in today at $1,332.