$1,300 Gold Still in the Short-term Cards? - Technical Analyst

KITCO NEWS - Following gold's rally post the military action in Syria coupled with the miss in Friday's jobs report, the question is whether the metal can hold its momentum. The gold and silver bulls stumbled hard in late U.S. trading Friday, after both metals scored solid gains in early trading. Gold scored a five-month high of $1,273.30, while silver rallied to a four-week high of $18.49. "The key is whether the market can close above $1,260-65, the probability of that now is getting more and more remote," said Gary Wagner, editor of the goldforecast.com. Wagner added that flight-to-safety bids tend to be short-lived if the events are short-lived. A big rebound in the U.S. dollar indexFriday afternoon helped to pressure the metals markets. Modest gains in the U.S. stock indexes in the wake of a very weak U.S. jobs report and a U.S. missile strike against Syria also dented bullish enthusiasm for the competing asset class, precious metals.

This article is commentary by an independent contributor. At the time of publication, the author held TK positions in the stocks mentioned.