Make Kitco Your Homepage

Gold Prices Fighting To Hold $1,280

Commentaries & Views

(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.

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.