Gold Prices Struggle Ahead of Brexit Vote

KITCO NEWS - Gold (GLD) - Get Report prices remained under pressure Monday, after coming close to a two-year peak last week. The metal is pulling back ahead of this week's biggest news: the Brexit referendum. The latest polls ahead of the vote show Britain could opt to remain in the European Union, which is not boding well for the yellow metal, which is seen as a safe haven in times of uncertainty. However, according to veteran trader Todd 'Bubba' Horwitz, Europe may be Britain-free later this week. 'I actually think Britain might still go and I think they're more likely to leave even though the polls are showing me wrong at the moment,' he told Kitco News. Gold struggled Monday with August Comex gold futures last down $2.70 at $1,292.10 an ounce. Bubba said he remains bullish on the metal, and would like to see the metal dip as low as $1,250 to buy in. 'It looks to me we're building a fairly good base here,' he said. 'I think we're going to breakout of this consolidation and I do believe we'll break out to the upside.'

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