Gold Prices Back Above $1,300
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
On Thursday, the bottoms held in gold and the metal rallied over $15, going back above $1,300. The bounce was expected based on the pattern that gold had been trading the last couple of weeks. The $1,280 level held, and the rally was on as gold looks to make a run at $1,320.
Did the cancelling of the North Korean summit help gold prices? In our opinion, the answer would be no; gold appeared to be ready to rally well before the announcement. Gold continues higher this morning as it heads towards the next resistance level of $1,320.
Traders and investors like to search for reasons that markets sell off or rally, but the fact is gold was technically ready to rally, which is exactly what it did. Remember, all markets trade on technicals and money flow, not the news. Follow the market footprint, which will tell you the news before it comes out.