Is That It For Gold?
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
Gold bounced on Friday, which was expected, and today it has given back all of Friday’s gains. This action is no surprise as gold hovers near the recent lows. The $1,310 price is the key level as to whether gold is going to break down or find support.
After breaking out a couple of weeks ago, silver finds itself in a similar situation to gold although a little stronger. Silver has violated support but is becoming oversold at these levels. Our expectations are that silver will outperform gold and the $16.20-$16.30 level is a great entry.
This will be a very big week for the metals, since there is a Fed meeting and the jobs report. Both can have a dramatic effect on the metals. It should be an interesting week with all of the data due out and a spiking dollar, the metals are on pace for a big move.