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Is That It For Gold?

Commentaries & Views

Gold bounced on Friday, which was expected, and today it has given back all of Friday’s gains. This action is no surprise as gold hovers near the recent lows. The $1,310 price is the key level as to whether gold is going to break down or find support.

After breaking out a couple of weeks ago, silver finds itself in a similar situation to gold although a little stronger. Silver has violated support but is becoming oversold at these levels. Our expectations are that silver will outperform gold and the $16.20-$16.30 level is a great entry.

This will be a very big week for the metals, since there is a Fed meeting and the jobs report. Both can have a dramatic effect on the metals. It should be an interesting week with all of the data due out and a spiking dollar, the metals are on pace for a big move.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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