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Contributed Commentaries

Gold is holding its ground

Bill Baruch

Kitco Commentaries | Opinions, Ideas and Markets Talk

Featuring views and opinions written by market professionals, not staff journalists.

Commentaries & Views

Yesterday’s close: Settled at 1474.3, up 2.4

Fundamentals: Gold is holding ground but just cannot find the catalyst to extend gains. Who can blame it with equity markets and risk-sentiment lingering at such elevated levels amid dissipating odds of additional Fed cuts? Today, the Fed releases the Minutes from their most recent rate cut meeting at 1:00 pm CT and this promises to invite volume to what is otherwise becoming a consolidation week.

Technicals: Resistance at 1471.9-1474 continues to be a hurdle and although the tape sticks its neck above here it is exhausted in doing such and faces strong major three-star resistance at 1482.6-1484.5. That is ok though. As we have noted here, this is a seasonally dull time of year for Gold and a healthy consolidation at these levels in imperative in laying the groundwork for the seasonally bullish time of year right around the corner.

Bias: Neutral

Resistance: 1471.9-1474**, 1482.6-1484.5***, 1491**

Support: 1462.6-1463.9*, 1450-1454***, 1446.2*, 1413.2***

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By Bill Baruch

Contributing to kitco.com

Contact info@bluelinefutures.com.
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.