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Metals start off the week in positive territory, with the dollar index in negative territory today. Stronger oil prices have some Middle East traders back in the gold market, indicating at these levels that gold looks like an attractive investment to them. My take is that the Middle East gold traders are feeling better now that oil has been climbing at a steady pace. This group has been away from the gold market for quite some time now, and as things improve in the oil market, I expect so see them trading actively again. Action from this part of the globe always puts a charge in the volatility of the gold market.
The ETF gold funds continue to increase day after day and now stand at a 2016 year high of 60,303,873 ounces.
Some wall street traders I spoke with this morning have said that they expect gold to test the $1,300 dollar level sometime later this week.
One gold trader I spoke with today said, “I always get concerned when everyone’s on the same page. In my opinion, we need to see gold settle above the $1,300 level for the yellow metal to have any chance of going higher. Physical demand is still lagging in this rally and until I see it pick up, I’ll have a wait and see approach to joining the club, especially at these levels.”
Author Name: Walter Pehowich
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