$1,204 Is Gold’s New Critical Level – Bill Baruch
Gold now needs to sustain the $1,204 an ounce level before positive momentum could be maintained, Bill Baruch, president of Blue Line Futures, told Kitco News.
“$1,204 now comes back in and aligns with the trend lines from the lows, and we’re testing it here today as the dollar against the emerging markets has increased a lot,” said Baruch.
He added that gold has been losing its status as a safe haven currency to the dollar.
Baruch noted that the gold market is still in bottoming process, and investors could expect to see lows of $1,180 an ounce before a rebound occurs.“A move down there, if it had to happen, if it held, that would be a good thing,” Baruch said. (show less)
Gold now needs to sustain the $1,204 an ounce level before positive momentum could be maintained, Bill Baruch, president of Blue Line Futures, told Kitco News.
“$1,204 now comes back in and aligns with the trend lines from the lows, and we’re testing it here today as the dollar against the emerging markets has increased a lot,” said Baruch.
He added that gold has been losing its status as a safe haven currency to the dollar.
Baruch noted that the gold ... (read more)
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