Gold Must Now Look To Close Above $1,150 - Jim Wyckoff
Gold prices scored a nearly three-month high this week, with more safe-haven demand and technical buying featured, says Kitco Metals’ senior technical analyst, Jim Wyckoff. On Tuesday, February spot gold closed up $13.50 at $1,121.40 an ounce.“The bulls have near-term momentum on their side,” he explains in an interview with Kitco News. “While the gold bears still have the overall near-term technical advantage, prices are in a choppy five-week-old uptrend and the bulls have technical momentum on their side. Gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,150,” Wyckoff explains. March silver futures prices closed nearer the session high and hit a six-week high on Tuesday. The silver market bears still have the overall near-term technical advantage says Wyckoff. “Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at $15.00 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at $14.00,” Wyckoff says. March Comex silver was last up $0.281 at $14.535 an ounce.Kitco News, January 27, 2016. (show less)
Gold prices scored a nearly three-month high this week, with more safe-haven demand and technical buying featured, says Kitco Metals’ senior technical analyst, Jim Wyckoff. On Tuesday, February spot gold closed up $13.50 at $1,121.40 an ounce.“The bulls have near-term momentum on their side,” he explains in an interview with Kitco News. “While the gold bears still have the overall near-term technical advantage, prices are in a choppy five-week-old uptrend and the ... (read more)
Technically Speaking
Kitco’s Senior Analyst Jim Wyckoff has his charts come to life every Thursday on Technically Speaking. From key price targets to his weekly market rating for gold & silver, viewers really get a chance to understand how the technicals are impacted by the headlines. Will gold get a passing grade this week? Watch to find out!Disclaimer: The content on this website, including, without limitation, news, videos, interviews and commentaries, is provided by Kitco Metals Inc. ("Kitco") for informational purposes only and is not intended as any form of advice, whether legal, accounting, investment, financial or tax advice. Therefore, it cannot be relied upon as such. Should you require such advice, contact a licensed professional. The content provided herein is provided on an "as is" basis without any warranty of any kind, whether express or implied and your use of the information provided in said content is entirely at your own risk. In no event will Kitco be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content on this website.
