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Gold Trying To Break Out

Commentaries & Views

After Wednesday’s ugly trade, gold spiked on Thursday, testing the $1,240 level once again. Although gold broke down through $1,220, trading as low as $1,215, it immediately bounced back to the $1,240 resistance level.

Gold looks poised to make a big up move and push through $1,240 resistance sooner rather than later. Gold’s rally may have been sparked by the weaker dollar; however, gold has been gaining strength with the stronger dollar.

Our expectations are for gold to break out to the upside and test the $1,275 level. Gold can churn here while building a solid base. The $1,220-$1,230 levels should hold as support, and it’s only a matter of time until gold pushes through $1,240 on its way to $1,275.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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