Gold Holds On For ‘Dear Life’ Says Veteran Trader

A close above $1,300 an ounce; that is what one veteran trader needs to be convinced about this latest gold rally. Gold prices are wavering ahead of the big central bankers meeting in Jackson Hole, Wyoming starting later this week. ‘The real key is a close over $1,300, not another failure, because if we fail one more time then I think we’re going to go back much lower,’ Todd ‘Bubba’ Horwitz of bubbatrading.com told Kitco News Tuesday. However, he is not giving up on the precious metal just yet. Bubba expects gold to hold and move higher, noting that $1,290 remains solid support. But, he warns that there could be a lot of volatility as markets digest Fed chair Janet Yellen and ECB president Mario Draghi’s speeches this week. ‘Central bankers are in so much trouble here that this could be an area where it could be very positive for gold because we could see a little bit of fear coming to the street.’ (show less)

A close above $1,300 an ounce; that is what one veteran trader needs to be convinced about this latest gold rally. Gold prices are wavering ahead of the big central bankers meeting in Jackson Hole, Wyoming starting later this week. ‘The real key is a close over $1,300, not another failure, because if we fail one more time then I think we’re going to go back much lower,’ Todd ‘Bubba’ Horwitz of bubbatrading.com told Kitco News Tuesday. However, he is not giving up on ... (read more)

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