Contributed Commentaries
Gold is holding its ground
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
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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