Gold Has One More Leg Down To Go Before Turning Higher - Trader

KITCO NEWS - Gold (GLD) - Get Report prices were ending the U.S. day session modestly lower Tuesdayand the metal may still have one more leg down to go, this according to one veteran trader. "We are going to see another bit of a push down," said Todd "Bubba" Horwitz on Kitco's Gold Report. The market watcher and founder of bubbatrading.com said that he would not be surprised to see the metal fall to the $1,100 level. "[That], to me, would signal the end of the bear market that we have been in," he said on Tuesday. Horwitz added, "I think the biggest thing might be the Italian referendum, depending on how that vote goes, eight or nine banks might fail," Horwitz said. Some upbeat U.S. economic data released Tuesday morning had little impact on the precious metals markets. The latest GDP data beat market expectations up 3.2% in the third quarter, while consumer confidence took a big jump in November from October. February Comex gold futures settled Tuesday at $1,190.80 an ounce, down 0.24% on the day.

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