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Published on Aug 19, 2016
KITCO
NEWS - Gold is lower Friday after failing to get out above first major
resistance that comes in today at $1,362.5-$1,367 says Bill Baruch,
chief market strategist for iiTrader.com. 'The metal held its post FOMC
Minutes gains through the end of yesterday's session but hawkish
comments from San Francisco Fed President Williams followed by upbeat
comments from Kaplan hurt the tape.' Baruch told Kitco News that demand
out of Asia failed to get gold out above resistance first on Wednesday
night and they surely seemed less interested in attempting it again
overnight. 'The metal broke first major support at $1,349.1-$1,351.8
Friday morning and must hold support at $1,335-$1,339.8 in order to keep
the immediate term uptrend intact,' he added. Gold traded flat on the
week with December Comex futures settling at 1346.20 an ounce.
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