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Gold Bulls Have Hit Near-Term Bottom: Technically Speaking

from KitcoNews:

We’re talking gold price volatility & stabilization, as well as ECB and Fed FOMC meetings on today’s “Technically Speaking” w/ Kitco’s Jim Wyckoff. Following the major collapse in gold prices, it seems the sell-off is finally over with bulls repairing some of the major technical damage according to Wyckoff.

Although he says bulls still have some heavy lifting to do, gold prices are well up from the April lows and hit a 2-week high last Friday (4/26), leading Wyckoff to believe that a near-term market bottom is in place. Wyckoff goes on to discuss how the metals may be impacted by the upcoming meetings of the European Central Bank and Federal Reserve’s Federal Open Market Committee, both highly anticipated and closely watched events for all financial markets. Finally, Wyckoff provides us with a review of the technical support and resistance levels for both gold and silver prices.

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