Gold Looks To Have Found Support
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
Since Aug. 16, gold has been driving higher. Every attempt to break has been met with buyers. We see that pattern continuing as gold appears to have found a higher level of support.
Although the key level for gold remains $1,300, the $1,310 -$1,312 level looks very solid and should hold. The activity in the metals is strong and should continue at least until our next objectives of $1,350. We are looking for at least $1,400 this year but for now the range is $1,300-$1,350.
There is no reason to expect a big-sell off in gold, not that it can’t happen. As traders and investors, we always have to remember that markets never announce themselves and the pattern in metals is higher. It’s as simple as that.