Make Kitco Your Homepage

Gold Resumes Weak Pattern

Commentaries & Views

(Kitco News) - Gold is struggling to hold on to the support line around $1,220. Yesterday the ECB indicated that stimulus measures would remain in place through at least mid-2019. With the U.S. 10-year bond flirting with the 3% yield level, traders bought the dollar, which created selling in the metals complex. Today’s second-quarter U.S. GDP numbers will be in focus. The market expects a robust number near the 4% mark. Should this number disappoint and come in south of 3.5%, it may reverse dollar buying and create a lift for the commodities sector. We would consider any bounce with suspicion until the $1,237 technical level can be surpassed. On the downside, we expect minor support around $1,212 and again around $1,207 before a first attempt at $1,200.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

Precious Metal Charts

Follow Kitco News

Cambridge House San Francisco Summit