The Battle For $1,300 Gold
The way the metals have beentrading, they shouldn't be entering any beauty contests; they have been ugly.Now that gold has broken key support of $1,310, trading down to $1,302 onTuesday, it's time for the gold bulls to buckle up. A break below $1,300 bringsthe $1,240 level back into play.
Today at 2 p.m. EDT, the Fed andChair Powell will announce their decision on interest rates. There is no hikeplanned for today. However, with Tuesday's inflation data, we could see asurprise hike, which would catch the markets by surprise.
One thing you can bet on today isthere will a lot of volatility and price action. The metals have been weak,with gold weaker than silver, and today's news will put the metals to the test.No matter what the news, look for silver to continue to outperform gold and forgold to fight to hold $1,300.
Keep those stops tight.
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.