Gold appears to have put in a near-term bottom with this week’s bounce and that could allow the yellow metal to rise again next week. The rally helped to halt a decline the market experienced for January and early February, market watchers said.
“It looks like we did put a bottom in gold. January and February are not hot times for gold. Last year, we had a much more severe setback,” said Sterling Smith, commodity trading adviser and market analyst with Country Hedging. April gold prices on the Comex division of the New York Mercantile Exchange settled at $1,349 an ounce, down $4 on the day, but up 0.5% on the week. March silver settled at $29.059 an ounce, up 4.1% on the week.
Shawn Hackett, president of Hackett Financial Advisors, said it was important for gold to hold the 150-day moving average. Gold prices fell to $1,307.70, as measured on a daily continuation chart, just above $1,305.50, which is where the average was that day. “It’s remarkable the way it held,” he said.
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