Gold on Thin Ice This Busy Data Week; Hits 3 1/2 Month Low: Veteran Trader

Gold prices settled the day nearly unchanged after hitting a 3.5-month low this week, but one veteran investor remains optimistic.
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KITCO NEWS - Gold (GLD) - Get Report prices settled the day nearly unchanged after hitting a 3.5-month low this week, but one veteran investor remains optimistic. The metal is showing some initial signs of a bottom as prices have managed to hold above $1,200 an ounce and settled the day in positive territory, ending a nine-day losing streak. August Comex gold futures settled Tuesday at $1,217.50 an ounce. 'We're pretty oversold here,' Todd 'Bubba' Horwitz, chief investment strategist for BubbaTrading.com, told Kitco News. 'The problem is on a trading standpoint, we've  really come straight down from $1,300 so we're really due for a good dead cat bounce probably up to $1,230 or $1,240.' For longer term investors, Horwitz said he would continue buying at these gold levels. 'I wouldn't initiate my entire position here because we could go a little bit lower but I am certainly a gold bull.'

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