Gold Prices Under Pressure
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
The miserable phase of consolidation continues in gold, and this morning there is pressure taking gold back down near the support level of $1,280. This action is no surprise; it’s just part of the pattern.
From a trader’s standpoint, we will look at this as a buying opportunity. The range in gold remains $1,280-$1,300. There will be some panic here as the weak hands will be selling; it’s the natural reaction to the consolidation pattern.The important thing for traders and investors to remember is congestion is the greatest time of uncertainty. This is where we must use the footprint of the market, which tells us the current range is $1,280-$1,300 and this should be a buying opportunity.