Gold Holds $1,190
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
Gold was under heavy pressure on Thursday but was able to hold the $1,190 level, which looks to be new support and a higher low. The pattern suggests the lows are in for now, but gold still has a lot of work to do at these levels to confirm a rally.
Look for gold to consolidate between $1,190 and $1,210, which would give us enough confidence that the lows are in. However, a break below $1,180 would cause some major heartburn and would mean lower prices.
Chair Powell is in Jackson Hole, Wyoming, and speaks today. His words could create a big move in gold depending how he uses them. As we have witnessed over the years, everyone tries to read between the lines. In my opinion, if there is a big move because of Chair Powell, I think gold will rally.