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Gold Attempts To Break Out

Commentaries & Views

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.

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.