Commodities Arch Enemy Looming?

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Jim Wyckoff is on Kitco News to talk about gold volatility this week and how he expects prices to look in the near term. “We hit a 4 and-a-half month low in the gold market this week,” he says, adding that it is due to more technical selling pressure and the FOMC minutes. “The next downside price objective for February Comex gold is the $1,200 level.” Wyckoff also says that bulls were looking for “bullish” wording in the FOMC minutes on Wednesday. “I don’t think that anything surprising came out of those minutes but it was just a lack of bullish news that the bulls were hoping to see that didn’t occur.” With regards to comments made by ECB President Mario Draghi on Thursday, Wyckoff says that central bankers of the world are probably more worried about deflation than they are letting on. “They’re not going to come out and say they’re extremely worried about deflationary pressures because that could spook the marketplace,” he says. “But I really think that is a fear among the major central bankers of the world.” Tune in now to hear Wyckoff’s market rating and key levels for gold & silver. Kitco News, November 21, 2013.

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