Gold Does Not Look Healthy Here, May See Push Lower Into Year-End

Gold prices edged up on Tuesday after sharp overnight losses, but were still slipping amid strength in global equities and the dollar.
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Gold prices edged up on Tuesday after sharp overnight losses, but were still slipping amid strength in global equities and the dollar. Thomas Vitiello, managing partner at Aurum Options Strategies, says a push lower in gold prices into year-end is a likely scenario. He explains that there is some speculation that market participants will push the market down at the end of the year so that they can buy back at the lows in the beginning of the next year and capture a rally. Vitiello says another view is that some people are taking losses here against their equity profits. With all of this in mind, he says we could see a push lower into year-end and even into early 2015, but then later next year, once we get a better sense of what the Federal Reserve is doing, gold prices could start to climb again.