U.S. Pulls Out of Iran Deal; Gold Fails At $1,318
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
President Trump announced intentions to pull out of the Iran deal Tuesday, which caused some volatility in all markets. Equities whipped around only to close near the unchanged line. Oil got clobbered but cut most of the losses and is back on four-year highs, and gold failed at $1,318.
It’s obvious that gold has some issues to deal with and is headed lower. Throughout much of the recent uncertainty when gold should have been rallying, it has not. Gold has been consolidating the last week and once again failed at yet another attempt to break the recent downturn
One thing we know about all markets -- when they should be going up and they are not, that is an indication that there is more selling to come. Gold is in that category now. It should have been rallying but continues to show weakness, indicating that $1,280 is just around the corner.
Keep those stops tight.