Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
Just when you thought it was safe to dip into the gold pool, there was no support and gold got crushed on Thursday. The panic and puking sellers forgot about price and time and couldn’t wait to sell, taking gold down to $1,186.
One of the basic rules of trading and investing is to never let them see you sweat. Of course, gold did come off the bottoms and held support. Gold is now at the bottom end of the range and is probably a good trade from a risk-reward basis.
Traders and investors make the common mistake of chasing markets up or down. We have written for weeks that gold was in consolidation and should be observed. Although we are looking for a place to buy, there is no rush while the churning pattern continues.