Gold Breaks 3-Day Winning Streak; Can It Hold $1,200? - Gary Wagner

KITCO NEWS - After rising for three straight sessions, gold came down $1.40 an ounce at $1,217.70 on Thursday. '"Right now, we hit an intraday low this week at around $1,204 so to me there is some hope that $1,200 will hold as a support level," said Gary Wagner, editor of thegoldforecast.com. In the past three days, gold has had a higher intraday low than the previous trading session on each occasion, Wagner added. "Prices have also traded to a higher high than previous sessions, along with consecutively higher closes. However, during each of these trading days, the positive net change can be characterized as only a small upside move."

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