Where Is Gold Headed After Hitting A 3.5-Month Low? – Jim Wyckoff | Kitco News

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Kitco News speaks with Jim Wyckoff to see how he sees the technicals set up for gold, after the metal hit a 3.5-month low Wednesday. “We’ve seen some solid selling pressure recently, mainly due to the stronger dollar index that hit a 12-year high overnight,” he says, adding that the technical posture for gold remains bearish. “We are in a several-week-old downtrend on the daily bar chart, and the path of least resistance right now remains sideways to lower,” he adds. Wyckoff says gold’s focus right now is the U.S. dollar and as long as the greenback remains strong, it will be tough for gold prices to move higher. “I suspect it’s going to take some kind of a fresh geopolitical development to shake the gold market out of its bearish ways,” he says. Tune in now to see what market rating Wyckoff has for gold and silver ahead of the much anticipated Federal Open Market Committee meeting scheduled next week. Kitco News, March 12, 2015.

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