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Gold posts convincing reversal from 1930; all time high back in sight?

Kitco Commentaries | Opinions, Ideas and Markets Talk

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

Commentaries & Views

Actually - my opinion remains that caution is still merited, and in fact, the need for it seems to be ramping up.

The below chart shows the lack of follow-through today (thus far) after yesterday’s seemingly convincing reversal. Further, the price has been rejected at the lower, now broken trendline, which I will now consider resistance till proven otherwise. In my opinion, a close over $1990 with conviction may be a signal that an actual reversal is happening for a run to the highs.

Bitcoin, on the other hand, has thus far recovered 25000 and is moving higher today; I remain on the lookout for a breach of the flag formation and 50-day moving average to the topside for a sustainable move up.

Thanks, and have a great weekend.

By

Jonathan Da Silva

Contributing to kitco.com

Contact jdasilva@kitco.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.