Gold Popping Higher
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
As we wrote on Friday, gold had at least another $20 to rally before it would find resistance. Gold is now up $15 from Fridayâ€™s low and should start to run into some resistance. The $1,275 level should act as the first stopping point for this current rally.
The rally -- whether itâ€™s real or just a dead-cat bounce from oversold conditions --should see some sellers come in between $1,275 and $1,280. That would be healthy for the market and the pattern.
The key to the next move in gold is how the market reacts at the next resistance level and how it reacts to the dip after resistance. We are still cautiously bullish with an exit below $1,240, but the next couple of days should tell the story as to where gold goes next