Gold: Knee jerk move lower reversing kitconews gold silver investing finance metals economics mining
We have repeatedly discussed the importance of traders being skeptical of a knee-jerk move out of a coil, on a catalyst. Today proved to be no exception in gold, as the metal was hammered to a low of $1,707 spot on the CPI print, before quickly reversing to just about unchanged on the day as of this writing.Silver did not print a lower low this morning, unlike gold. A sign that the GSR may be in the process of topping, as we had discussed in yesterday’s piece.
The metals may stay pressured as the market begins to price in expectations for what could be a full percentage point interest hike at the next FOMC meeting. However, metals bulls continue to absorb significant selling pressure in stride, which should bode very well for the medium term.Follow J_GidaroDasilva [email protected] www.kitco.com
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