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According to some analysts, many investors continue to sit on the sidelines, waiting for a clear indication that the Federal Reserve will slow the pace of its aggressive rate hikes by the end of the year. According to analysts, the Federal Reserve's monetary policy meeting on Nov. 2 will be the driving force behind gold prices next week.
Lusk added that he will be watching the $1,620 area closely. A break below would trigger a very bearish signal. "There is nothing stopping gold from going below $1,600 an ounce in the near term, and that's not a bold statement," he said."However, if gold does drop, I would be looking to buy small positions. I would be looking to buy silver if the price dropped below $18 an ounce.
I feel the last real buying opportunity is coming soon, before the next climb up.