Gold Bears Struggle
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
Gold bears continue to struggle trying to break the support level and once again have failed. On Thursday, for much of the day, gold struggled below the $1,280 level, looking like it was going to break down, only to close at $1,280.
This morning gold is rallying trading at $1,283 and looks to have staved off a breakdown once again. As the bears continue to try and break the pattern, the bulls buy at support.
The pattern remains bullish and until gold can close below $1,280 for a couple of days, the only trades to be made here are to observe or buy. For now, there is no reason to believe that gold will head lower until this pattern is broken. We remain bullish.