Gold Price Continues Lackluster Performance
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Featuring views and opinions written by market professionals, not staff journalists.
Gold traders and investors continue to show a lack of interest in the yellow metal. It is almost as if trading has been halted as gold has been in a $10 range for the last seven to eight trading days.
The lack of interest in metals is more of a positive than a negative, as quiet consolidating markets typically break out big with what has been the most recent prevailing trend. Gold has rallied from its low of $1,168, now sitting at $1,223.
Trading action has been muted, indicating that sellers have tried to push gold lower unsuccessfully and as the selling exhausts itself, buyers will magically appear and push gold to the $1,275 level. Resistance is clearly at $1,240, a breakout through there should take gold to the next level of $1,275.
The key to this trade is patience. You can’t wish it higher or time when it will get there. The gold pattern itself looks bullish, and we are expecting a breakout to the upside.