Friday’s Close May Suggest Upside Momentum — Jim Wyckoff

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Gold prices hit a 4-week high and Jim Wyckoff is on Kitco News to discuss what could happen next. “The bulls have gained technical momentum to suggest that prices continue to work higher in the near term,” Wyckoff says. The U.S. jobs report released on Tuesday gave a bullish tilt to the precious metals markets because it suggests tapering will be pushed back until at least the 2nd quarter of next year, he adds. “What would be important to look at is if prices on Friday close at a bullish weekly high,” Wyckoff says. “That will give the bulls even better upside momentum to really give them a good push going into next week.” Wyckoff also says that the upcoming holiday seasons in the Asia may prompt more physical demand and this is a bullish underlying factor for the gold market. “One thing that concerns me, however, is the European Union and its financial problems that are still present. Just this week it was announced that the ECB is going to start doing stress tests on its major financial institutions starting in November,” he says. “If we see a major institution in EU fail or score poorly on these tests administered by the ECB, that will undermine confidence in the EU as a whole and that could be a significantly bullish factor for the gold market.” Tune in now to hear his market rating for gold & silver. Kitco News, October 24, 2013.

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