Gold Trades Like Market Closed; No Action
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
Gold has been trading as if the markets have been closed. There has been no action and the range is getting tighter and tighter. For the last two weeks, we have written about the torture of consolidation, which is exactly what the metals markets have been doing.
The metals are getting ready for a huge move, and the pattern suggests that the move will be higher. Gold has been making higher lows throughout the consolidation pattern and looks ready to break out to the upside.
There is no telling when this big move is coming or which way it will go. However, all signs point to the move coming sooner rather than later and also suggest the move will be higher. Watch the action at the $1,300 level; that will give us the best clues of the next move.