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Gold Zooms After Dovish Fed

Commentaries & Views

(Kitco News) - Gold's recent move was a relatively easy call after its consolidation and the Fed did exactly what we expected. I am a seller at $1,392 and would re-enter once we get a close above $1,400.   The Fed is now priced in, but the wild card, is the U.S. response to Iran. If that escalates, I see more upside short term. After gold’s run there is nothing wrong with taking profits.

By the way, retail investors continue to sell, so that is a contrarian bullish indicator.

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