Gold close to all time Highs
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
With prices over $2000, gold has a path back to its all-time spot high of $2,075. Traders are prone to taking profit when the price of an asset approaches all-time highs; a pullback in gold becomes increasingly likely as prices move toward $2,075.
Should gold blast through the level, we would expect that to be new support. Silver found its own support around $25.50 yesterday intraday, which springboarded the metal toward another higher high of $26.30 overnight. It will be interesting to see if silver can hold relative strength against gold should the yellow metal pullback. Platinum continues to trade in a consolidation pattern but from a higher base.
Palladium, which continues to experience volatility akin to what crypto traders might be familiar with, trades back under $3000 as of this writing. The price action in palladium could serve as an example of the aforementioned profit-taking preponderance traders have when all-time highs are in play.
Equity markets continued to see red yesterday, with the Nasdaq entering bear market territory and threatening to break down lower. A capitulation of stocks holders may soon materialize as fear, remains the pervasive driver of investor and trader decision making.
Stay on alert for further volatility, and have a great day.