Gold’s on track for its longest losing streak in almost 30 years, but the yellow metal could be due for a comeback.
On Thursday, gold fell back below $1,190 to a six-week low. The precious metal is now on track for its sixth straight month of losses, it’s longest losing streak since 1989. Large investors believe gold is actually performing better than you would think given the interest rate environment.
“The reason I want to be a buyer here at $1,180 is the fact that the bears have not moved this underneath $1,150,” he said Thursday on “Futures Now.” “They’ve had every single reason.”
Many think gold will bottom at $1,180, just below its Thursday levels, and then a quick a move up back to $1,225 for the metal.
Large Institutional Buyers had been eyeing $1,190 as a key technical level for gold, and now that the metal has fallen below that they believe that the “weakness goes to the medium term.” Most agree that the fact that there hasn’t been an even more pronounced move down could be a hopeful sign for gold, but many are still counting on the metal to fall slightly further before rebounding.
Gold is currently down more than 7 percent year to date.