Opinion with Peter Hug
Gold Higher On Asian Buying
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
Editor's Note: Gold and silver has been, at best, a frustrating trade. Exclusive to Kitco News, expert trader, Todd "Bubba" Horwitz, chief market strategist and founder of 'Bubba Trading provides a strategy investors can use in a range-bound gold price environment. Sign up before March 10 for the Kitco News Weekly Rundown newsletter to receive Horwitz's exclusive report and trading strategy.
(Kitco News) - Gold continues to recover, benefiting from the weaker dollar and renewed demand from China, after the New Year’s holiday. Gold maintained the $1,322 support level, where we suggested an entry trade and the technical picture remains constructive. Gold will need to clear the $1,342 level on a close basis to set up a retest of the $1,357 resistance line. All ears will be focused towards Fed Chair Powell’s testimony to Congress this week for clues on monetary policy. For traders that see this move as a bounce on the back of Chinese bargain hunting after their week-long holiday, selling 50% of the long initiated at $1,322 should be considered.
