Gold Finds Its Floor; Rallies To 3-Week High – Technical Analyst

from Kitco NEWS

With gold prices posting solid gains on Monday, long-time technical analyst Gary Wagner, says the metal has found its floor. “When gold touched the levels of $1,040 -$1,045 an ounce earlier this year, those turned out to be the bottom and I think that will be the bottom,” the founder and editor of the thegoldforecast.com said in an interview with Kitco News.  Both gold and silver hit nearly three-week highs on Monday. June Comex gold settled the day 1% higher at $1,258 an ounce while May Comex silver settled at $15.976 an ounce, up nearly 4% on the day. The metals rallied as the U.S. dollar index dropped to an eight-month low following the perceived dovish rhetoric coming from U.S. Federal Reserve officials. Wagner added that major support for the yellow metal comes in at $1,200 an ounce, with resistance holding at $1,292-$1,300.  “Most interesting is that we have a series of lower highs and higher lows,” Wagner explained.

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