Gold hits $1850, what's next?
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
Spot gold tagged $1850 overnight before recovering to where it currently trades at $1863 as of this writing. The downside danger in gold is a move to $1820 in the coming days following tomorrow's FOMC meeting. Platinum continues to trade up today on an intraday reversal yesterday following bears' failure to close it under $935; The $960 target on Platinum is now realized.
The move to 85 we had suggested was probable on the gold-silver ratio is very close to completion. Will it hit 85 and reverse following the rate hike?
The S&P 500 finally challenged the winter low yesterday but reversed and closed above it. A capitulating flush following the FOMC may also occur in major US indices. Traders should continue to anticipate heightened volatility as we approach what could be a great buying opportunity.
Thanks and have a great day,