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Jim Wyckoff joins Kitco News as gold prices see a big jump Wednesday morning for this week’s edition of “Technically Speaking.” Wyckoff attributes the spike to fresh safe-haven demand revolving around geopolitical tension between Russia and the Ukraine. “That’s not new news, but the marketplace decided to react to it starting with Tuesday afternoon’s sell-off in the stock market,” Wyckoff says. Should geopolitical tension continue to be prevalent, Wyckoff thinks that would be bullish for gold prices, however; should tensions subside, he sees gold prices retracing their gains. He adds that “importantly, what we’re also seeing, is the shorter-term traders who bet that prices would go lower, they’re getting stopped out [and] forced to cover those short positions, and that’s also providing support to the gold market.” Tune in for more and Jim’s Wyckoff market ratings for the gold and silver this week. Kitco News, August 6, 2014.
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As well as the most accurate precious metal prices online, Kitco also provides up-to-the-minute news with usable market information. Videos provided by and ©
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