Will Today Be The Day For Gold?
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
Like a great soap opera, gold continues its saga like the Days of our Lives. The ups and downs within the consolidation, with emotional swings, continue daily. This is no more than the torture of congestion and can last longer than anyone can predict.
With gold churning between $1,280 and $1,300, we should expect disappointment at $1,300 and hope at $1,280. Eventually gold will break out of this range, with the direction to be determined. If we take the footprint that has been forming the past six months, the odds favor the move to the upside.
Gold and silver have been able to shrug off the strength in the dollar, the idiocy of the Fed and any other news that might normally cause the metals to sell off. All signs point to a breakout to the upside, and there is no reason to believe that will not be the case. Today could be the day that gold pushes through $1,300 on its way to $1,340.