Gold closes above $1500 for the second consecutive day

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Today we saw fast market action with Gold breaking above $1500 per ounce, after closing above that price point for the first time in a week and a half. Gold traded to an intraday high today of $1520 before coming back down and testing the former resistance line which now appears to be the inevitable support line, we need to watch next week.

With the Federal Reserve meeting on October 29, and concluding on the following day the 30th. 

It is highly likely that a Fed rate cut would be supportive and bullish for gold. If that assumption turns out to be reality, we should see gold not only hold the $1500 level but once again test recent highs at $1540 and $1560 per ounce. That being said, we will monitor the market closely at the beginning of the week and if appropriate and confirmed with technical indicators, issue a buy signal next week.

Wishing you as always, good trading,


Gary S. Wagner - Executive Producer