Let The Events Begin; Gold Awaits
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
The next seven days can be huge for equities, metals and commodities. It all starts with the G-7, followed by the North Korean summit on Tuesday, the Fed on Wednesday and the grand finale -- Super Mario and the ECB -- on Thursday.
Any one of these events could have a dramatic effect on all markets, especially the metals. The equities have already broken out to the upside, especially the Russell and the Nasdaq, making all-time new highs. Most commodities are off their lows although were selling off the last few days.
That leaves us with gold, a market that has been in consolidation at the bottom end of the range for weeks. Gold, after peaking in April, has been under pressure, leading us to believe the next move is higher. We are looking to buy but will wait for a solid footprint to confirm our opinion.