Key for Gold to Hold $1324 - "For Pete's Sake" w/Peter Hug of Kitco.com
Kitco Metals' Peter Hug talks about gold's 4-week high, the US dollar
and Asian markets on this edition of "For Pete's Sake."According to Hug,
the $1,300 break on the upside may be a buy signal. "When you see
resistance levels and difficulty getting through those resistance
levels, which we saw last week at $1,300, the trade is a short. Vice
versa, when it breaks up through resistance levels, the trade is a
long," he added. However, despite the break through $1,300, Hug does say
he is not seeing the momentum just yet. However, the continuous
monetary stimulation coming out of the US, Europe, Japan and China
coupled with physical demand in Asia and ETF outflows slowing down are
indications that it may be a good buy, Hug added. Tune in now to hear
his take on gold and silver prices. Kitco News, July 22, 2013.
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