Gold Prices Hold Support Again

KitcoNews/Todd ‘Bubba’ Horwitz/09-29-17

After making a low at $1,204 in July, gold has been in a nice uptrend, trading as high as $1,362. In the last 15 to 20 days, gold has been in a minor downtrend; however, support has held on every sell-off. On Thursday gold was tested, trading down to $1,280 only to bounce back and hold that major support level.

The action in gold suggests that the uptrend will continue. There will be attempts to sell, but the big picture looks like support should be bought. The gold trade is consistent with a market changing from the five-year bear market into a new bull market.

“[G]old looks great and is on schedule to test $1,400.” — Todd ‘Bubba’ Horwitz
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