Gold Holds 3-Week High; Eyes $1,280 Mark - Veteran Trader

Kitco News -- Gold (GLD) - Get Report prices ended the U.S. day session modestly higher and hit a three-week high Tuesday. Todd 'Bubba' Horwitz, chief market strategist for bubbatrading.com, says he sees gold hitting the $1,280 level. Commenting from the CME floor in Chicago, he said in an interview with Kitco News that more investors are likely to jump into the gold market. 'We are really seeing the dollar index that has been making lows every single day - at some point you will see a dead cat bounce,' Horwitz added.  The U.S. dollar index hit another eight-month low overnight, but did rebound to push above unchanged on the day in afternoon trading. That did knock gold prices down from their session highs. Horwitz said he expects the currency to gain some footing from here, 'I do believe that the dollar is going to make one more charge to the 100 before it does eventually give up,' he said. June Comex gold was last up $1.80 at $1,259.70 an ounce. May Comex silver (SLV) - Get Report was last up $0.239 at $16.215 an ounce.

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