Trading Gold? Watch These Levels - iiTrader

KITCO NEWS - Gold prices wavered on Wednesday as the market waited on comments from Fed Chair Janet Yellen. According to iiTrader's Bill Baruch, the gold market may be overdone. "I think some of the value is wavering away right here above $1,200," he told Kitco News. February Comex gold futures continue to hover near eight-week highs, settling relatively flat at $1,212.10 an ounce. "The market has [become] a little overdone," he said. For Baruch, $1,208 remains a key level to watch for gold investors. As for silver, Baruch remains more optimistic as the metal seems to be trading above its 50-day moving average, a strong technical signal for the market. "If gold starts to sell off, silver will find that 50-day moving average as support and look at that as a buying opportunity." March silver futures settled the day at $17.724 an ounce, up 0.7% on the day.

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