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Gold's Instant Replay

Commentaries & Views

As if we saw tomorrow’s news today, once again gold held the $1,310 level. It was almost identical to last Thursday, when gold traded down to $1,306 before closing above the $1,310 level. Monday saw the same action, with gold trading as low as $1,307 before once again above $1,310.

With gold trading at $1,317 this morning, it’s obvious how much support there is in gold at the $1,310 level. There is a strong underlying bid to this market, which indicates that there is a greater likelihood that gold will trade $1,350 before it trades under $1,300.

The bull market in gold continues, and at this point there is no reason to believe it will not continue. Gold has been able to overcome the strength in the dollar, which has rallied eight days in a row. We remain bullish as we look for a test of $1,350.

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