Make Kitco Your Homepage

Gold: The Financial Workhorse

Commentaries & Views

Yesterday’s close: Settled at 1313.9, down 1.2

Fundamentals: Gold is a workhorse and continues to lay an extremely technically constructive landscape. We reiterate that we are unequivocally Bullish in Bias Gold. The Dollar Index spiked to a new March contract high this morning after ECB Member Coeure pointed to the possibility of new TLTRO (Target Long-Term Refinancing Operations). In other words, fresh easing if necessary. This is great for Gold in the long-term but as we have pointed to over this week and last as the Dollar has rallied its holding Gold back. Industrial Production data just missed, and this could start to unlock the handcuffs on Gold as the Dollar peels back but the big economic read today will be fresh February Michigan Consumer data at 9:00 am CT.

Technicals: Gold is pounding against first key resistance at 1321.7-1323.4 again today and is priming for a breakout above this strong level of resistance. We expect such to invite fresh buying to the table moving the metal out above its recent swing high and minor resistance up to 1337. First key support at 1312.9-1315.4 is a line in the sand for this immediate term push.

Bias: Bullish

Resistance: 1321.7-1323.4**, 1331.1*, 1337**

Support: 1312.9-1315.4**, 1306.3-1306.5***, 1300.5**, 1281.5-1284.5***

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