Gold Holds Key Level
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
I’m back and it appears so is the price of gold. After violating a couple of our key levels, gold held the most important level of $1,200. It was a scary time with gold going through $1,200 but managing to close above. The support held, clearing the way for a move back to $1,240 and then $1,275.
Many of you expressed concern when gold was violating $1,220. My comments were the same -- “don’t panic,” if you want out, there will be a better opportunity. Gold is now over $1,210, looking like the longer bottoms held, making a higher low.
Yes, I know it gets scary out there and the simple solution is to panic and sell. Sometimes the best trade is the one you don’t make, and we think selling gold at these levels is a mistake. We can worry about the strong dollar and any other item that moves markets, but the footprints are solid and gold is going higher.