(Quick) Midday Comment: Another Leg Higher For Gold???


It’s still early in the trading day, but gold is breaking above its closing highsfrom January 31st in a fairly significant manner. In other words, it could sell-off later in the day and close below its highs of $1,589) from late January. However, a close above $1,600 would still make a few headlines and draw a lot of attention to the yellow metal.

We did see a huge intraday spike in gold in early January…shortly after Iran’s Qasem Soleimani was killed in Iraq…so its recent intraday high is $1,611. As we have been saying recently, we might have to see a move above that level to give gold another rally leg higher, but there’s no question in our minds that a close above $1,600 would still be quite positive. This kind of move would be especially true given that its MACD chart is getting very close to making a positive cross to the upside (at a much higher level than it did back in November/December).






Matthew J. Maley

Managing Director

Chief Market Strategist

Miller Tabak + Co., LLC

Founder, The Maley Report

TheMaleyReport.com

275 Grove St. Suite 2-400

Newton, MA 02466

617-663-5381

mmaley@millertabak.com


Although the information contained in this report (not including disclosures contained herein) has been obtained from sources we believe to be reliable, the accuracy and completeness of such information and the opinions expressed herein cannot be guaranteed. This report is for informational purposes only and under no circumstances is it to be construed as an offer to sell, or a solicitation to buy, any security. Any recommendation contained in this report may not be appropriate for all investors. Trading options is not suitable for all investors and may involve risk of loss. Additional information is available upon request or by contacting us at Miller Tabak + Co., LLC, 200 Park Ave. Suite 1700, New York, NY 10166.

Posted to The Maley Report on Feb 18, 2020 — 11:02 AM
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