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Gold’s Final Blow-Off

Commentaries & Views

Gold is blowing off this morning, up another $20 as buyers can’t get enough. From a technical view, it appears they are chasing it up, whether it be short covering or the fear of missing out; the buyers can’t get enough.

As we have witnessed in all markets, this is typically a sign that a move is coming to an end. We would expect the gold rally, which has been about 8% or $100 straight up, to pause and see some profit-taking. We are looking for a pullback to $1,380-$1,390.

Our views on gold and the metals have not changed; $1,500 gold is in the cards. However, no market goes straight up or straight down, and this should be a time for gold to pause, pull back and reload. It may not be today although it appears a sell-off is close. Never chase a market up or down. We will look for a pullback to add on.

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