Gold Prices Sitting At $1,280
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Gold has managed to hold on around the $1,280 level for the last couple of days, which is positive action for the yellow metal. This doesn’t mean a rally is going to ensue from here, but it’s a positive sign the sellers have taken a break.
The current action in metals is perfect if indeed the bottoms are being made. As we have written the last couple of days, the best pattern for gold to be in is consolidation. The next couple of days to weeks will determine what is next for metals, which could still go either way.
The key level to watch is $1,280, as a couple of closes above these levels would indicate a possible bottom is in. This period will take a lot of patience for those looking to buy gold; we are not buyers yet. Although we look for higher prices in the future in the current environment, we are neutral and waiting.