Gold Must Now Look to Close Above $1,150 Says One Expert

Gold prices scored a nearly three-month high this week, with more safe-haven demand and technical buying featured, says Kitco Metals’ senior technical analyst, Jim Wyckoff.
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Gold prices scored a nearly three-month high this week, with more safe-haven demand and technical buying featured, says Kitco Metals’ senior technical analyst, Jim Wyckoff. On Tuesday, February spot gold closed up $13.50 at $1,121.40 an ounce. “The bulls have near-term momentum on their side,” he explains in an interview with Kitco News. “While the gold bears still have the overall near-term technical advantage, prices are in a choppy five-week-old uptrend and the bulls have technical momentum on their side. Gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,150.00,” Wyckoff explains. March silver futures prices closed nearer the session high and hit a six-week high on Tuesday. The silver market bears still have the overall near-term technical advantage says Wyckoff. “Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at $15.00 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at $14.00,” Wyckoff says. March Comex silver was last up $0.281 at $14.535 an ounce.