Gold's Next Stop $1,350
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
Last week gold tested the lower levels of support and a couple of days looked like it was going to sell off. However, each time gold looked to be under pressure, buyers stepped in and supported the yellow metal, pushing it back over the key support level.
The action has been bullish, and all indications are to see gold move to the next resistance level of $1,350.This morning, gold is attempting to break out to the upside, exhibiting bullish activity.
If there is one concern with the current rally, it’s the speed in which it has been rising on Monday and Tuesday. Volume is heavy and this could be a short squeeze, which means gold still could fail at the $1,330 level. Gold is in a bull market and any attempt to sell from here should be bought at support, which is now $1,320.