Will Gold Investors Get Tricked Or Treated?
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
It’s Halloween. Will gold traders and investors be tricked or treated? With gold now testing the lower end of the consolidation pattern, how scary will it be for investors? The trick from here is to observe gold as it searches for support, which should be no worse than $1,215.
The trading action in gold appears to have tricked traders and investors with its failure to break out at $1,240. The longer-term pattern still indicates gold is consolidating and the next big move should be higher.
The spell of congestion can last for an extended period, which means the breakout --when it comes -- will be more explosive, and we believe up. Don’t get tricked by a false move; look for a level to treat yourself as gold holds support.