The Moment of Truth, It's FED week
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
Gold prices have been under pressure the last few days and are now at key support just under $1,320. The way the action has been, this is becoming a must hold area or things could get ugly. Silver is in the same predicament, both searching for support and new money buyers.
This is FED week, which may influence the prices of the metals depending on what they say. We already know they are clueless and have been wrong on every decision they have ever made. They should start raising but probably won’t. The language will be key.
We expect these levels to hold and make a run to $1,377 soon. However, this is just another moment of truth in metals and I think they are up to the challenge.