Gold is not dead.
Despite a pullback in prices, one Chicago-based trader still sees major support for the market. “Gold’s moving into what we have as four star support level $1,263-$1,269 and we see lots of support, long term, at these levels,” Bill Baruch, president of Blue Lines Futures, told Kitco News. The yellow metal fell under pressure Thursday as the U.S. dollar rallied following the latest European Central Bank meeting. December Comex gold futures last traded at $1,268 an ounce, down 0.86% on the day. But Baruch says gold bulls still have potential to make a comeback. “Gold is not dead…I think we’ll continue to see lots of volatility but gold has a lot of value in this level right here right now.”
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Here’s How to Win With Gold’s Pullback - Trader | |
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