Time to Step into Gold and Bitcoin? - Veteran Trader Chimes In
KITCO NEWS -- Gold prices ended a quieter U.S. day session slightly lower Monday but one expert sees it as an excellent buying opportunity. "I am looking to buy gold right now, $1260, $1265 is a great level to step in," Todd 'Bubba' Horwitz told Kitco News on Monday. "This is what we said last week, look for $1,300 then look for the pull back," he added. Next time the market nears $1,300, Horwitz said he is looking for gold to break through that key level. "One thing we have to understand about markets is the best thing to happen to them is a little bit of selling pressure, to ease up and bring more new money in," he said. A lack of new, bullish fundamental developments on the geopolitical front has somewhat limited buying interest in the safe-haven metal, and has allowed some profit taking from the shorter-term futures traders to set in. August Comex gold was last down $2.60 an ounce at $1,268.80. July Comex silver was last down $0.268 at $16.955 an ounce. Focus is on this week's FOMC meeting that begins on Tuesday morning and ends Wednesday afternoon with a statement. The Federal Reserve is expected by many to slightly raise U.S. interest rates. Traders and investors are also keen to see if the Fed acts to further reduce its big balance sheet of government securities. Horwitz also spoke about bitcoin breaking above $3,000 to later fall back to about $2,500. "The overall bitcoin has been on fire...but it is like any other chart, when it goes straight up, it is going to have a selloff," he said.
This article was written by a staff member of TheStreet.
