KITCO NEWS — As day one of the year’s first Federal Reserve meeting kicks off, one veteran trader says gold looks like it may be setting itself up for a breakout. Gold futures continued to trade above the $1,110 level and managed to hit new highs Tuesday, with February comex gold futures settled up $15.20 at $1,120.20 an ounce. February comex contracts expiry was scheduled on Tuesday and contract have now rolled over to April. ‘If we can get through these levels here, there’s a good chance we could see $1,140-1,180,’ Todd Bubba Horwitz told Kitco News. Commenting from the CME floor, he said that there are more factors in favor of gold prices to move higher than there are factors to push it lower. 'I’d much rather be an owner here than a seller,’ he said.
More from Video
How quickly do we find support, is what we'll want to know now, as the correction is occurring while economic optimism builds.
Despite the president's promise of no stimulus until after Nov. 3, there are no signs yet that this is the sort of correlated selling that leads to a deep correction.
Salesforce, Amgen and Honeywell will give a lift to the DJIA going forward.
CAG has hung onto the bulk of its recent gains, and could rise to the $50 area, according to the charts and indicators.