Make Kitco Your Homepage

The Battle For $1,300 Gold

Commentaries & Views

The way the metals have been trading, they shouldn’t be entering any beauty contests; they have been ugly. Now that gold has broken key support of $1,310, trading down to $1,302 on Tuesday, it’s time for the gold bulls to buckle up. A break below $1,300 brings the $1,240 level back into play.

Today at 2 p.m. EDT, the Fed and Chair Powell will announce their decision on interest rates. There is no hike planned for today. However, with Tuesday’s inflation data, we could see a surprise hike, which would catch the markets by surprise.

One thing you can bet on today is there will a lot of volatility and price action. The metals have been weak, with gold weaker than silver, and today’s news will put the metals to the test. No matter what the news, look for silver to continue to outperform gold and for gold to fight to hold $1,300.

Keep those stops tight.

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.
Kitco Metal Accounts