GOLD: Interest rates have risen in the United States over the last couple of days, so it does make a certain amount of sense that we have seen softness.
Interest rates have risen in the United States over the last couple of days, so it does make a certain amount of sense that we have seen softness. The question now is whether the $1800 level in the spot market is going to continue to be an area of interest. Because of this, think we got a situation where we probably continue to see a little bit of a pullback, but that pullback should sooner or later offer a little bit of support that we can get involved in.
A breakout above the high on Monday kicks off a major turnaround and therefore could open a huge move higher. At that point, the measured move from the bottoming pattern could open the possibility of a move to the $2000 level, but it’s unlikely to be an easy path higher. With, interest rates are worth paying attention to, but if gold moves right along with interest rates to higher levels, you must understand that is a real possibility if the market is trying to price and recessionary conditions.
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