Gold Should See Some Selling Pressure
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
This is another holiday-shortened trading week, which should bring slow trade and some selling pressure in gold and silver. The metals have put on a tremendous rally since hitting their lows two weeks ago. They are now at resistance and should start to see some profit taking over the next few days.
Although the metals are higher this morning, we are now short-term sellers as a trade, expecting gold and silver to test their recent lows. After the Bitcoin thrashing last week, which brought money back to the metals, the profit takers and short sellers should be making a visit to put pressure on the markets.
We are long-term bullish but short-term bearish and looking for the recent rally to start to fail this week and into the new year. The metals are higher this morning, and the $1,285 level in gold an $16.60 level in silver look to be great spots for a quick sell and levels that should push the metals to a test of their lows.