Gold Running to $1,275
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
After Wednesday’s late day sell off in gold, Thursday saw the metal push through $1,270 and rapidly approach our first target of $1,275. There is a small pull back this morning which is to be expected when a market nears a new level.
As gold tries to test the next level there will be more price volatility as traders and investors try to participate as buyers or cover shorts as sellers. In other words, the buyers are trying to get in and the shorts are trying to get out.
The type of action we are seeing now brings our next level of $1,300 into play. Today should be volatile with the triple witching expiration of bonds, currencies and options. It would be no surprise to see gold test the $1,275 level at some point today