It's "morbidly rangebound" but showing "underlying strength" near $1,700 until the next leg up
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Gold's not broken down; it's not technically damaged," "Money in Motion" contributor Todd Gordon tells CNBC in a Dec. 7 presentation.
"It's just morbidly rangebound. And I think like every other market the
gold market is waiting for some kind of indication as to what's going to happen with the fiscal cliff, what's going to happen with central bank policy. And if you look at it long-term we are just long-term rangebound right at the $1,700 level. I think the rebound [Dec. 7], if you are watching it, traded down to around $1,685 and came snapping back after the [U.S. nonfarm payrolls report]. That's an indication of underlying strength. We are looking forward to central bank policy next week. I think bond buying is unchanged, which puts the dollar on the heels, which put the
gold market still on an upward trajectory."
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