Gold Bulls Take Charge
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
On Wednesday, the gold bears looked like they were going to take charge. They were pressing hard and tested the recent lows of $1,401. Suddenly at about 7 a.m. EDT, the bulls started buying and before the day was over, gold had closed at the top end of the range.
Although gold is slightly lower this morning, all signs point to a breakout and much higher prices. That doesn’t mean gold will break out today, tomorrow or anytime soon. However, it appears the lows are in, support should hold, and dips are buying opportunities.
When trading in any market, the key is always patience and discipline. The lack of them is what causes most traders and investors to fail. The one thing to always remember is that it’s better to wish you were in a trade than to wish you weren’t.