Tickets Please For The Gold Roller Coaster
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
Like a ride at the carnival, gold is making traders and investors dizzy while it spins in place. The last few days, gold has seen rallies and sell-offs, only to end within the same range it has been trading in for weeks.
Here we are again testing the $1,280 level, testing the nerves and patience of investors and traders. The spinning wheel rolls on, keeping everyone on their toes, whether it’s news out of China, the Fed or any other source of market-moving information.
At the end of the day, nothing has changed. The technical pattern of gold is the same as it has been for weeks -- trending higher in consolidation but testing the will of investors. For now our message remains the same -- bullish until we close under $1,280 for a couple of days in a row.