NEW YORK ( TheStreet) -- With the Federal Reserve's FOMC meeting underway today and Wednesday, investors are looking for clarity in a variety of markets.
Alan Knuckman, chief market strategist of Trading Advantage, told TheStreet's Jill Malandrino the upside move in gold was very rapid and the fall back to the $1,300 level should act as solid support for traders looking to get long.
He added that the weakness in the U.S. dollar and strength in the euro could act as a positive catalyst for gold to go higher. However, perhaps gold itself is not the best way to play an upside move.
Like gold, Barrick Gold (ABX - Get Report) and Newmont Mining (NEM - Get Report) are near or at their halfway-point support levels, he said. Knuckman likes Barrick Gold near $18 and Newmont Mining around $28, with a stop-order for the latter at $27.He concluded these stocks are leaning on solid support levels and offer favorable risk-to-reward ratios. -- Written by Bret Kenwell in Petoskey, Mich. Follow @BretKenwell Follow @optionsprofits
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