Gold Up 6% for the Year, Now What? Technical Analyst Weighs In

Kitco News - Gold prices ended the U.S. day session higher and poked to a three-month high Monday. The metal is now up 6% for the year, leading many investors to question, ‘now what?’ Kitco Metals’ Senior Technical Analyst Jim Wyckoff chimes in noting that continued safe-haven demand and technical buying interest are featured in the yellow metal so far this year. ‘Some of the money flowing out of world stock markets early this year is moving into the safe-haven gold market,’ he explains. April Comex gold was last up $11.10 at $1,127.50 an ounce. March Comex silver was last up $0.072 at $14.315 an ounce. Wyckoff says that technically, February gold futures prices closed nearer the session high and hit a three-month high Monday. ‘While the gold bears still have the overall near-term technical advantage, prices are in a choppy six-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,’ he says.