Gold Holds Key Level
I’m back and it appears so is theprice of gold. After violating a couple of our key levels, gold held the mostimportant level of $1,200. It was a scary time with gold going through $1,200but managing to close above. The support held, clearing the way for a move backto $1,240 and then $1,275.
Many of you expressed concernwhen gold was violating $1,220. My comments were the same -- “don’t panic,” ifyou want out, there will be a better opportunity. Gold is now over $1,210,looking like the longer bottoms held, making a higher low.
Yes, I know it gets scary outthere and the simple solution is to panic and sell. Sometimes the best trade isthe one you don’t make, and we think selling gold at these levels is a mistake.We can worry about the strong dollar and any other item that moves markets, butthe footprints are solid and gold is going higher.
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Bubba@bubbatrading.com www.bubbatrading.com/ Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.  |