Gold Prices Back Above $1,300
On Thursday, the bottoms held ingold and the metal rallied over $15, going back above $1,300. The bounce wasexpected based on the pattern that gold had been trading the last couple ofweeks. The $1,280 level held, and the rally was on as gold looks to make a runat $1,320.
Did the cancelling of the NorthKorean summit help gold prices? In our opinion, the answer would be no; goldappeared to be ready to rally well before the announcement. Gold continueshigher this morning as it heads towards the next resistance level of $1,320.
Traders and investors like tosearch for reasons that markets sell off or rally, but the fact is gold wastechnically ready to rally, which is exactly what it did. Remember, all marketstrade on technicals and money flow, not the news. Follow the market footprint,which will tell you the news before it comes out.
Contributing tokitco.com
Follow @Bubba_Trading
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.