Opinion with Peter Hug
Gold Stabilizes But Strong Dollar Remains Obstacle To Higher Prices
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
(Kitco News) - Gold has settled down overnight with indications of fresh buying out of Asia. The primary short-term headwind for gold remains the strength of the dollar, which continues to benefit from inflows against the widening yields in favor of the U.S. From a technical level, support appears around the $1,272 area, with the next level at $1,267. Should we lose the secondary line, the short-term target remains $1,250. Investor apathy remains apparent in North American retail demand; however, secondary product, such as Eagles ,Buffalos and Maple Leafs, offered at reduced premiums to current year is beginning to attract investors wanting to hold physical gold. Silver has buying interest at the $16.20 level and remains a better proxy for the bulls.