Market Overview

2 Traders' Perspective On Thursday's Gold Rally

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The price of gold rallied Thursday, settling approximately $30 higher at $1264.80.

Swing trader Serge Berger commented on the price action and told Benzinga that the "more nuttiness we get from central banks (Swiss National Bank this morning) and if and when the dollar will take a pause, then gold could really begin to shine again for a while."

Berger thought that from "a technical perspective the early November washout in gold increasingly looks like what needed to take place in order for gold to stage a better, multi-month rally."

Technical trader David Katz told Benzinga that gold was the "best chart of the bunch today. Confirmed uptrend in play on both intraday and daily chart. Would prefer pullback for entry as passed point of entry for increased probability of trade."

The rally in gold came amid the Swiss National Bank unexpectedly ending the Swiss Franc's peg to the Euro.

The SPDR Gold Trust (ETF) (NYSE: GLD) closed at $120.94, up 2.5 percent.

Posted-In: David Katz Serge BergerTechnicals Trading Ideas

 

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