Gold Lower, Testing Support Again
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
Gold remains under pressure with the exception of Friday’s rally, when fear struck the equity markets suddenly and gold ran to $1,292. Gold is clearly in a range between $1,270 and $1,300. Silver is not quite so clear, making a new three-month low near a support level.
The equity rally would be one of the reasons that the metals are under pressure. The lack of fear is a sign that the demand for the metals is waning and the urgency to buy has been absent. Gold and silver continue to churn, building a solid bottom with a rally forthcoming.
There are many things pressuring the metals. The perceived strong economy is one of the major events affecting gold and silver. The other big detractor of gold and silver is the Bitcoin and cryptocurrencies, which is taking away new money. Make no mistake --the metals are turning and a bull market is imminent as traders and investors wade through the minutia that is being spread around the markets.