Gold Buyers Defend Support
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
For the last week, gold buyers have been holding their ground, defending the $1,310 support level. The sellers have tried to become more aggressive, but the buyers have been doing a great job letting the sellers push before bringing in new money to buy.
With every hold, the level of support gains strength, indicating a much bigger move to the upside is coming. Although the sellers continue their efforts to break the gold market, they have failed miserably and look to be in trouble.
Gold is in consolidation and eventually will break out in one direction or the other. We expect the move to be higher based on the trading action we have seen over the last couple of weeks. We will continue to use $1,310 as a level to enter until proven otherwise.