Gold Prices Fighting To Hold $1,280
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
(Kitco News) - Once again, gold put up a successful fight to hold the $1,280 level for a good part of Tuesday, before gold closed around $1,285. This morning, gold is trading around $1,288 and is trying to push through $1,290, which more than likely will fail, with the metal staying in the $1,280-$1,290 range.
The pattern still suggests there is a higher likelihood that gold will break to the downside, but of course this is the torture of consolidation. The tight change makes it more of a problem, which is why we will wait for the metal to commit to a direction before becoming active again.
We are leaning short and will continue to do so until gold can close above $1,290 for a couple of days. In a tight trading range, there is not much to do and waiting seems to be the prudent thing to do. We are looking to hop on board a trending market, not get chopped up in a consolidating one.