Gold closes below 1500
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
Thursday saw gold and silver sell off, the selling was not panic, or fear induced it was simply failing from a resistance level. The trend has reversed and is now lower, which indicates selling rallies that reach resistance.
Thursday’s sell off came exactly from where it should have, and it did not disappoint. The metals did close on support which is prompting a little rally this morning which should fail, $1,510 should be the top of this rally if it makes it that far.
The close below $1,500 gives confirmation that the probabilities that gold will test the recent lows of $1,460. Our first target is $1,440, but know gold is not going straight down. The simple fact that gold has made successive lower highs which should continue