Has Gold Price Bottomed?
Before hitting rock bottom, wemust admit there is a problem. We have certainly seen that the problem in goldtoo many was bottom fishing and not admitting there was a problem. Gold appearsto have found the lows at $1,240 and is trading higher this morning.
This could be just a dead-catbounce or a short-covering rally, but the fact that the lows held could be thestart of something. We never know for sure, but the probabilities indicate thatgold and silver have room to rally.
Today is a short day with marketsclosing at 1 p.m. EDT. The set-up for gold and silver are good with the Fedminutes on Thursday and the jobs number on Friday. As long as gold stays above $1,240,we will remain long, but we have a defined exit in case this is just anotherrelapse.
Contributing tokitco.com
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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.