Opinion with Peter Hug
Gold Steady Ahead Of Labor Day Weekend
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
(Kitco News) - Some volatility occurred as expected yesterday, as traders began squaring their books for month end and the last semi-official days of summer, with the long weekend ahead. The market is expected to be very thin after the European close and for traders looking to mitigate their risk, prudence suggested liquidity was going to deteriorate today. We may get another stab at the $1,200 support level today, but think overall we may see some strength from the shorts reducing their exposure into the three-day hiatus. We look for support at the $1,200 level, with a small likelihood of seeing an $1,197 print, with the upside first contained at $1,207 and then $1,212. The caveat is no presidential tweets on the U.S./China trade dispute.
We wish everyone a safe and enjoyable Labor Day weekend.