If Market Can’t Hold $1,220, Gold May Head Towards $1,000: iiTrader

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Kitco News speaks with iiTrader’s Bill Baruch, following gold’s dip below $1,260 on Wednesday, to see if he thinks the yellow metal is headed lower. “A lot of volume was built in these June options that went off yesterday so we started to see a move ahead of that [on Tuesday] and the market took the downturn,” he says. “The Ukraine situation seemed to take a step in a positive direction and any safe-haven buying that was found because of that was then coming out of the metal as well.” Baruch says that it is important to keep an eye on the ECB meeting, as well as nonfarm payrolls, next week. He also says that it is important for gold to hold the $1,220 level. If the gold market can’t close above that level, he says “we’ll likely take out new lows and head towards $1,000.” Tune in now to hear his key levels for the gold market as well as the S&P 500 index. Kitco News, May 28, 2014.

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