“$1,204 now comes back in and aligns with the trend lines from the lows, and we’re testing it here today as the dollar against the emerging markets has increased a lot,” said Baruch.
He added that gold has been losing its status as a safe haven currency to the dollar.
Baruch noted that the gold market is still in bottoming process, and investors could expect to see lows of $1,180 an ounce before a rebound occurs.
“A move down there, if it had to happen, if it held, that would be a good thing,” Baruch said.
- Source, Kitco News
