The gold market had several bearish elements working against it Monday, yet prices finished just modestly down and off from the daily lows. ‘When you think about it, gold was at $1,260 an ounce last week, now we are at $1,290 – so it’s not like we are having a crisis,” said Todd ‘Bubba’ Horwitz of bubbatrading.com. Many investors were left frustrated after the metal came just shy of hitting the key psychological mark of $1,300 last week. All-in-all, the gold market bulls should still feel pretty good about their metal, Horwitz said. ‘We will get through it in the next run up, we will probably go right to $1,320 - $1,330,” he said, adding, ‘But this is how markets work, they chip away and build back up.’ December Comex gold was last down 0.51% at $1,287.40 an ounce. September Comex silver was last down 0.03% at $17.065 an ounce.
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Gold Misses $1,300 But It’s Far From a ‘Crisis’ Says Trader | |
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