Black Friday For Gold?
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
Today is Black Friday for retail, the biggest shopping day of the year, but nobody seems to be shopping for gold. More than likely, this is just another buying opportunity for gold, with the pattern suggesting that the metals are still in consolidation.
Eventually consolidation will end, and the metals will break out one way or the other. The simple facts are the metals are at or near support and the next big move should be higher. There is no guarantee that gold will rally, but the probabilities certainly point to the upside
Many have emailed me with concerns and predictions that gold is going to break down. I don’t see it. It is my opinion that as long as gold holds the $1,200-$1,210 level, prices will go higher. For now, we would rather be long than short and will continue to look for higher prices.