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Gold Fails To Break Out; Let The Selling Begin


Tuesday, 23 January 2018 05:40 WIB

Gold OutlookGold Corner


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As a long-term gold and silver bull, it's always hard to write negatively about the metals, but being a market technician, I also must read the charts and follow the footprints they leave. The metals have had a great move higher and now look to have hit the pause button; they are ready to see some profit taking, said Todd 'Bubba' Horwitz for Kitco.

Investors in the metals should be happy about the next sell-off, which is really going to be a buying opportunity, but a sell-off would be healthy. There are too many factors pushing the metals higher that are illogical, creating false optimism that will only lead to disappointment.

The extraordinarily weak dollar, which does add fuel to buyers, is only down because the Fed and central banks are trying to suppress interest rates as those rates start to get away from them. The Fed over the years has never gotten the raising rates part of the equation, and rates should start to rise much more rapidly than expected, which will also propel the dollar higher, pressuring the metals. We are looking for a test of the lows to be buyers.

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Source: Kitco News


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