Australia  

Celebrating 10 Years of Trusted News Discovery
One News Page
> >

$1,400 Gold Is Still In The Cards

Video Credit: The Street - Duration: 03:05s - Published < > Embed
$1,400 Gold Is Still In The Cards

$1,400 Gold Is Still In The Cards

Gold needs to hold a critical support level for several trading sessions before a bottom can be consolidated, or prices could head even lower, said Todd "Bubba" Horwitz, chief strategist at bubbatrading.com.

"The $1,280 level has to hold, and $1,280 could be $1,270, $1,285, somewhere in that area.

That's got to hold for a couple of days and do a little consolidating here.

If that doesn't hold, then we're bringing $1,260 and $1,240 into play, but if we can hold here, then I would be willing to call this a bottom and I think we can go higher from here," Horwitz told Kitco News.

Horwitz added that a "big spike up" may not mean the end of the selloff, rather, it could potentially signal more selling to come.

Despite gold's price weakness of late, Horwitz is still sticking to this $1,400 an ounce gold call by the end of year.

"I think that we have a very solid chance to get [to $1,400].

I think there's going to be some selling coming into the equities, I think there's going to be some nerves out there, and I think people are going to go back into the yellow metal," he said.

On the recent selling of $400 million worth of gold by Venezuela's central bank, Horwitz said that investors should not read this as a sell signal, as Venezuela's actions had very little market impact.

"I think they're selling because they need the money.

I think that they're running out, they have nobody to tax, they have no more money to get anywhere, they can't sell any oil, so they got to take some money from somewhere so they're going to liquidate their gold," he said.

More from Kitco News Related.

Jim Cramer: It's 420, Here's How to Play the Cannabis Sector

0
shares
ShareTweetSavePostSend
 

Recent related news from verified sources

SenSen Networks has quality of gaming solution confirmed by international evaluation

SenSen Networks Limited (ASX:SNS) has received a positive evaluation from Gaming Laboratories...
Proactive Investors - Published


You Might Like


Recent related videos from verified sources

Walmart Tries To Boost Employee Morale With Gold Stars And 'Attitude Cards' [Video]Walmart Tries To Boost Employee Morale With Gold Stars And 'Attitude Cards'

According to Business Insider, Walmart is trying to shakeup its employee structure. So far, Walmart has rolled out the new program, called "Great Workplace," at more than 75 stores. The company says..

Credit: Rumble     Duration: 00:34Published

Environmentally friendly: One News Page is hosted on servers powered solely by renewable energy
© 2019 One News Page Ltd. All Rights Reserved.
About us  |  Contact us  |  Disclaimer  |  Press Room  |  Terms & Conditions  |  Content Accreditation
 RSS  |  News for my Website  |  Free news search widget  |  In the News  |  DMCA / Content Removal  |  Privacy & Data Protection Policy
How are we doing? FeedbackSend us your feedback  |   LIKE us on Facebook   FOLLOW us on Twitter  •  FOLLOW us on Pinterest
One News® is a registered trademark of One News Page Ltd.