Gold Catches A Bid

(Kitco News)- Gold opened the new quarter on renewed buying interest. Gold heldour $1,322 level going into the long weekend and aggressive buying emerged atthe Asian open overnight. The Chinese have shot back and leveled tariffs on 128 U.S. products, which reignited the possibility of a trade war between theworld's two largest economies. The U.S. equity market continues to struggle andthe U.S. dollar is showing signs of wear. Unless these scenarios reverse, itremains unlikely the Fed will be as aggressive, as analysts are now predicting.Look for gold to break above the $1,337 level for further momentum. Supportappears around the $1,325 area. It is difficultnot to be bullish in the current panorama.

By Peter Hug

Contributing tokitco.com

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