SMM News: spot gold rose strongly on Wednesday, hitting as high as $1338.23 an ounce as the US dollar was pressured by increased interest rate bets by the Federal Reserve, while rising concerns about global economic growth boosted demand for safe havens.
Todd Horwitz, chief market strategist at BubbaTrading.com, joked that gold must have read the review every day. On Tuesday, the price of gold fell to the support level we reported yesterday. The current level is clear, still between $1320 and $1350. This model, known as extensive and comprehensive integration, is typical of the market's readiness to take major action.
Gold is expected to break through upward, Horwitz said. Please remember, whether the gold price is up or down, we must grasp the time of breakthrough. The trend in gold has changed. Gold is on an upward trend, suggesting that the next big move is a rally.
For silver, Horwitz said silver still lags behind gold and remains weak. But this does not mean that silver will not reverse and will not enter positive mode. For now, silver is likely to break in either direction. Probability is like throwing hard money, in this market situation we are not ready to intervene in silver. Before the silver pattern changed, we were neutral on silver and were looking to buy gold at a level.
(30-minute chart of spot gold, source: FX168 Financial Network)