Gold's Next Stop: $1,275
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
Like a train conductor, we will continue to call out the levels we see in the gold market. The next stop appears to be $1,275. We see very little resistance or traffic jams that will derail this rally. The path seems clear that gold is going higher and there is very little in the way.
However, you must always remember that markets don’t sell telegrams and they never announce their intentions, but for now the metals look like they are headed higher. There have been a few worrying about the strength of the dollar; we are not. In fact, we expect both to move higher in this environment.
Added strength is now coming from the once-dead miners as they start to show some strength. The $1,245 level is solid support and should be used as a level to buy until this pattern changes. For now, from our point of view, it’s full speed ahead.