Make Kitco Your Homepage

Gold's Moment Of Truth

Commentaries & Views

As we have written all week, the key level in gold is $1,310 -$1,312 with a major level at $1,300. In the last 24 hours, gold has traded as low as $1,306 but is now back above the $1,310 level, showing solid support.

The action in gold remains bullish, and sell-offs to test key support levels are a part of the trading business. The levels used are not exact; they are in-the-neighborhood numbers. The trade down to $1,306 was not a concern and within the margin of error.

Gold looks good as long as $1,300 holds. Obviously we would prefer not to see it test $1,300 and hold over $1,310. However, the markets don’t always do exactly what we want but in this case our opinion hasn’t changed as we remain bullish gold and will allow the weak hands to get out.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

Precious Metal Charts

Follow Kitco News