Gold Sees Biggest One-Day Drop Since Dec, Bulls Need To Step Up - Wyckoff

Gold prices posted the biggest one-day loss since mid-December, and Kitco’s senior technical analyst says it’s time for the gold bulls to step up their game. Being pressured by a rebound in U.S. equities and a stronger dollar Thursday, February comex gold futures were last quoted down $10.40 at $1,076.60 an ounce. 'The gold bulls have faded a bit this week,' Jim Wyckoff told Kitco News. 'If there is a bearish weekly close on Friday in the gold market that would open the door for fresh technical-based selling early next week, so the bulls really need to step up right now.’ Wyckoff also comments on silver, which he says will trade lower as long as the raw commodity sector continues to struggle. March silver futures fell to a low of $13.74 an ounce Thursday, a level also last seen in mid-December. According to the veteran trader, although market conditions have similarities to that of the financial crisis in 2008, he thinks it shouldn’t be time to ‘sell everything’ as some reports have suggested this week. 'The notion of selling everything is too extreme,’ he said. ‘When there’s extreme anxiety, that’s the time to be buying.’ Kitco News, January 14, 2016. (show less)

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