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Gold Price Continues Lackluster Performance

Todd 'Bubba' Horwitz

Kitco Commentaries | Opinions, Ideas and Markets Talk

Featuring views and opinions written by market professionals, not staff journalists.

Commentaries & Views

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.

By Todd 'Bubba' Horwitz

Contributing to kitco.com

Contact Bubba@bubbatrading.com
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.