Why Gold Is 'Close To That Rejection Level' - Market Expert

KITCO NEWS - Despite falling below $1,200, one expert says that the bottom is near for gold.
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KITCO NEWS - Despite falling below $1,200, one expert says that the bottom is near for gold (GLD) - Get Report . Phil Streible, senior market strategist for Chicago-based RJO Futures said, "[We] are close to a rejection level where we got too low...the market will find some bottom," he said  on Tuesday's edition of Kitco's Gold Report. So, when will gold reach that bottom? Streible explained, "It is always tough to pick and catch that falling knife, but I think gold will get close to $1,120 and $1,100." Gold prices were ending the U.S. day session modestly lower  Tuesday. Safe-haven gold continues to see limited buying interest amid generally optimistic trader and investor attitudes the past three weeks. February Comex gold futures settled  Tuesday at $1,190.80 an ounce, down 0.24% 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.