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Gold Bulls Take Charge

Commentaries & Views

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.

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.