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A favorable environment for gold

Commentaries & Views

Yesterday’s close: Settled at 1468.1, up 3.2

Fundamentals: Gold is trading favorably ahead of today’s Federal Reserve policy decision at 1:00 pm CT despite a firm U.S CPI read. Please refer to our S&P section, but as we detailed, we expect the Fed’s remain patient but overall slightly dovish. If anything, they could hold further caution given lingering uncertainties. We find this type of environment favorable for gold in the near to long-term. Bill Baruch spoke with Kitco’s Daniela Cambone late yesterday covering the Fed, potential liquidity issues, outlook on Gold, the miners, Silver and ways to play it. We will send out the video when published.

Technicals: We remain upbeat on gold, but we need to see a settle out above first key resistance at 1469.2-1472.7 in order to neutralize last Friday’s weakness. Stable price action above our 1465.1-1466.8 pivot is favorable in the near-term. We expect patience in this market to be rewarded, please don’t hesitate to reach out to discuss strategy.

Bias: Neutral/Bullish

Resistance: 1469.2-1472.7**, 1484.9-1486***, 1500**

Pivot 1465.1-1466.8

Support: 1459.8*, 1453.1-1454***

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