Gold Attempts To Break Out
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
Once again on Wednesday, gold held the $1,280 support level and started rallying back to the top end of the range. Key resistance remains at the $1,300 level that will probably fail again, taking gold back to $1,280 support.
Yesterday after the Fed minutes were released, gold started its ascent higher after trading $1,280 in the morning. Many will point to the Fed’s dovish stance or the newfound weakness in the dollar, but they would be wrong.
The most important thing for traders and investors to remember is to follow the money. The truth in all markets always plays out through the footprints left by the money, not the pundits or the news. Look for the consolidation pattern to continue; the money will decide when the next big move is coming. We remain bullish.