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Published on Oct 13, 2016
KITCO
NEWS - Gold has edged higher since the release of the Federal Open
Market Committee minutes and is again testing the 200-day moving average
at $1,264.40 this Thursday. According to Bill Baruch, chief market
strategist for iiTrarder.com, there, 'is tremendous long-term value in
gold at this critical level and furthermore, many of the sellers have
already sold and longs have already liquidated.' Speaking with Kitco
News on Thursday, Baruch said that traders must continue to watch the
$1,250.90 level and that gold must maintain price action above here.
'Ideally, the bulls can achieve a close out above $1,264.40 which would
encourage further buying into the weekend,' he said. 'The market is
pricing in a Fed rate hike - in the meantime - the market is finding
fair value here,' he said. December Comex gold was last up $4.00 an
ounce at $1,257.80. December Comex silver was last down $0.04 at $17.465
an ounce.
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