Stock Market Bulls Running Out Of Gas, $1,325 Gold May Not Be Far Off: Wyckoff

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Kitco News’ Jim Wyckoff comments on recent moves in the gold market and a potential top in the stock market on this edition of “Technically Speaking.” According to Wyckoff, the stock market is seeing a corrective pullback on Thursday from its recent gains. “I’m suspecting this could be a classic case of a technically bearish double-top reversal pattern forming in the stock indexes. So we have to keep a close eye on that,” he says. With regards to gold, Wyckoff says we have a 6-week old up-trend in place on the daily bar chart for the yellow metal. “The $1300 level is stiff overhead resistance and we’re challenging that right now,” he says. “A push above $1,300 opens the door to a move to $1,325 or $1,350, probably in short order.” Tune in now to hear Wyckoff’s market rating for gold and silver. Kitco News, February 13, 2014.

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