Gold price action could see sudden profit taking this week - RBC Wealth Management
(Kitco News) Investors should be ready for some sudden profit-taking this week as gold prices continue to trade near nine-year highs, says RBC Wealth Management managing director George Gero. But gold prices will remain on a clear upwards trajectory as price dips continue to be bought, Gero adds. “Next two days could see more volatility from jobs numbers, political headlines as elections in U.S. heating up, could bring sudden profit taking. However, longer term big buyers on big dips remain,” he writes. Overall macro drivers remain very supportive of gold. “Everywhere investors look — more stimulus, more debts. More worries are translating to gold and silver buyers to act more decisively,” Gero states.