Rejected: Gold Price Fails At $1,240
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
Gold was once again rejected at the $1,240 level, as it tried to break above Wednesday and Thursday only to fail. Gold now looks like it’s headed back to the $1,220 support level, which is consistent with the consolidation pattern that it has been trading in for the past three weeks.
The action, although frustrating, is congestion and often looks to be only a resting spot before gold breaks out to the next resistance level at $1,275. The pattern is bullish and a breakout to the upside appears to be inevitable, but traders and investors must be patient.
The toughest skill to master from a trader or investor standpoint is patience. It’s easy to buy sometimes, hard to sell, but the key always comes back to the footprint the charts leave. News is noise, which 99% of the time is priced into the markets. For now, the best trade in gold is the one of observation.