Gold Looking Good
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
Once again it looks like the sellers of gold are throwing in the towel. After the spike higher a week ago, gold settled and sold off but was unable to break down through support. Monday gold jumped, looking like it wants to take out the recent highs.
Although gold was unable to breech the recent high, it is rallying again Tuesday morning and looks poised to break out again. With investors trying to handicap the Fed announcement, gold is seeing some buying activity as it prepares to make a run at $1,275.
With the miners moving higher, all signs point to the gold rush to continue. No matter what the Fed does, the action in gold should remain bullish. We are looking at dips as buying opportunities as long as gold remains above $1,235.