Gold Prices Stabilize But Need To Overcome Technical Damage
(Kitco News) - Gold remains vulnerable from a technical perspective with a test of the 200-day moving average at $1,250 in sight. The dollar has stabilized after recent strength but U.S. yields continue to push higher, which suggests short-term dollar strength may not be over. Traders who wish to approach the market from the long side ahead of any technical confirmation may wish to consider trading either the gold/silver or gold/platinum spread. Silver is once again approaching a level where a long silver/short gold ratio trade should provide some cover for bulls. Platinum at a $355 discount to gold may also provide an opportunity.