Opinion with Peter Hug
Gold Meanders In A Tight Range
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
(Kitco News) - Gold continues to wobble around in a tight range, with support around the $1,322 level and resistance overhead at $1,328. The tariff scare has been watered down considerably with the Trump administration granting exemptions to a number of countries. Traders are eyeing any response from China, where President Trump continues to focus on the large trade deficit between the U.S. and the world’s second-largest economy. Gold is likely to remain range-bound until we get closer to the FOMC meeting next week. As long as the 10-year U.S. bond yield remains south of 2.9%, we would expect gold to remain bid, and unless we get a surprise news bite, the upside remains limited until the market can digest the Fed’s path next week.