The Bear Market For Gold is Officially Over, Next Stop $1,370 - Expert Analyst Says - TheStreet

The Bear Market For Gold is Officially Over, Next Stop $1,370 - Expert Analyst Says

Gold is becoming the new currency of choice for many as the dollar becomes less of a threat
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Kitco News -- Gold prices ended Thursday with good gains and were poised to finish with a bullish 10-month high close. One technical analyst is so convinced by the metal's chart action that he is calling for the official end of the bear market. "I thought the move up to $1,331 was healthy, and the pullback was actually healthier. I'm not concerned about the dollar anymore, gold is becoming a new currency for a lot of people," said Todd 'Bubba' Horwitz, the founder of BubbaTrading.com. "I am officially calling the bear market for gold officially over -$1,370 will be our next major stop," he said. Many traders saw early price weakness as a value-buying opportunity and jumped on board the long side. A weaker U.S. dollar index also worked in favor of the precious metals market bulls. December Comex gold was last up $8.90 an ounce at $1,323.00.

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