Why Gold’s Selloff Could Hurt Other Markets - Jim Wyckoff
Gold’s selloff on Tuesday is a little puzzling to Kitco’s senior technical analyst Jim Wyckoff, who warns it may have negative effects on the broader marketplace. “History shows that October is a turbulent month for the stock market and also for other markets, so this big slide we saw in gold on Tuesday may gyrate some other markets to be volatile in the near term,” he told Kitco News. “Ironically, if that theory plays out, it could actually wind up being bullish for the safe-haven gold market, when in fact gold may have started off that instability in the first place.” Gold prices fell to 3.5-month lows overnight and continued to trade below $1,300 on Wednesday with December Comex gold settling down 0.08% on the day at $1,268.60 an ounce. (show less)
Gold’s selloff on Tuesday is a little puzzling to Kitco’s senior technical analyst Jim Wyckoff, who warns it may have negative effects on the broader marketplace. “History shows that October is a turbulent month for the stock market and also for other markets, so this big slide we saw in gold on Tuesday may gyrate some other markets to be volatile in the near term,” he told Kitco News. “Ironically, if that theory plays out, it could actually wind up being bullish ... (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.
