Gold Stuck In Quicksand
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
Day after day, gold sits around and churns between $1,280-$1,300. There is no way to know when the next big move is coming, but we do know that this pattern can last for an extended period of time.
Trading ranges can last until they donâ€™t; there is no way to time the end or which way it will break when it ends. We can only use the information left by the footprints and the money to figure out the probabilities of the next move.
Based on the information, we can see gold looks ready to break out to the upside, continuing the rally that began at $1,180. Gold is moving into a bull market, and a breakout above $1,300 will confirm that. We remain bullish on the metals and are looking for the next target of $1,340.