Why Gold Is “Close To That Rejection Level” - Market Expert

Despite falling below $1,200, one expert says that the bottom is near for gold. Phil Streible, senior market strategist for Chicago-based RJO Futures said, ‘[W]e are close to a rejection level where we got too low…the market will find some bottom,’ he said on Tuesday’s edition of Kitco’s Gold Report. So when will gold reach that bottom? Streible explained, ‘It is always tough to pick and catch that falling knife, but I think gold will get close to $1,120 and $1,100.’ Gold prices were ending the U.S. day session modestly lower Tuesday. Safe-haven gold continues to see limited buying interest amid generally optimistic trader and investor attitudes the past three weeks. February Comex gold futures settled Tuesday at $1,190.80 an ounce, down 0.24% on the day. (show less)

Despite falling below $1,200, one expert says that the bottom is near for gold. Phil Streible, senior market strategist for Chicago-based RJO Futures said, ‘[W]e are close to a rejection level where we got too low…the market will find some bottom,’ he said on Tuesday’s edition of Kitco’s Gold Report. So when will gold reach that bottom? Streible explained, ‘It is always tough to pick and catch that falling knife, but I think gold will get close to $1,120 and ... (read more)

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