Opinion with Peter Hug
Gold Bounces Off Support But Remains Range-Bound
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
(Kitco News) - Gold held the $1,307 level yesterday and is experiencing a modest bounce into the open this morning. It appears that the government shutdown will be avoided this Friday but until the president signs off, there continues to be some anxiety in the market. The primary focus continue to be the China/U.S. trade tensions, which may produce some clarity by the end of the week, as negotiators resume their meetings. Until the market breaks out of this tight range, retail investors continue to show apathy towards the yellow metal. Gold however, continues to show resiliency in the face of the recent strength in the dollar and the technical picture remains constructive. This $15 range in gold will break soon and the move will be aggressive with a minimum initial move of $20 either side of resistance/support.