Kitco News speaks with Jim Wyckoff about gold’s breach of the 200-day moving average early Thursday morning. “[This is] just one more bearish technical clue, among many, that had put the gold market under pressure,” he said. Wyckoff adds that gold is struggling due to a lack of ‘fresh bullish fundamental news’ in the past several days. “Technical traders are taking over, near-term technicals are bearish and the path of least resistance for gold is sideways to lower,” he concludes. Looking over at economic data, Wyckoff says that traders will be eyeing the highly anticipated jobs numbers expected next week. With regards to tensions in Ukraine, he says that the issues between Russia and the US are not going away. “We have not seen the last or heard the last of this so-called ‘Cold War 2.0’ between U.S. and Russia.”
Watch the full interview here.