When Is Gold’s Next Rally? | Kitco News

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Gold took it on the chin this week as Gary Wagner joins Kitco News for this week’s edition of “Chart This!” With key technical support levels being breached, Wagner thinks there could be more downside pressure for gold on the horizon. “We saw key support levels being broken – first at $1,280, then again at $1,261 and now we’re down around $1,240, which is another number that we’re looking at,” he says. “That is equivalent to a double low that we had on our last rally.” Gary also notes that this round of selling in gold has been heavily technically based. Gary also says that it’s pretty clear there’s some intrinsic strength coming out of the U.S. economy and says there’s an inverse relationship between the U.S. economy and the European economy. “So as the European economy has weak points, really dollars are flowing into the U.S. economy and the U.S. dollar, which has been on an absolute tear.” Tune in to check out Gary’s thoughts, and of course, his charts. Kitco News, September 12, 2014.

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