Gold is now trading in the $4200-$3941 buy zone. That zone isn’t just for buying gold. It’s also for silver and mining stocks that move in sync with gold.
Ira Epstein discusses the current state of the metal markets, noting slight increases in gold prices around the $4200 level and pressure on silver, which struggles to maintain rallies.
Ira Epstein notes the mixed performance in the metal markets, with gold showing a bearish bias under the 18-week average, and comments on the dollar's strength, nearing the 102 level.
The best-performing precious metal for the past week was gold but it was still down 3.46%...ETF outflows, a stronger U.S. dollar and easing safe-haven demand reinforced downward pressure.
We know we are in a period that is not friendly to gold. It can last into December. The final low could come anytime from now until mid-December...It will be buying opportunity.
Ira Epstein discusses the current state of the metal markets, noting a recent jobs report that fell short of expectations, which has led to a reduced probability of an October rate hike.
So, by measuring from here at 4172 solely within the vacuum of that average, Gold would go as low as 4068, a reasonably acceptable area to apply the brakes.
