KITCO NEWS – Gold has edged higher since the release of the Federal Open Market Committee minutes and is again testing the 200-day moving average at $1,264.40 this Thursday. According to Bill Baruch, chief market strategist for iiTrarder.com, there, ‘is tremendous long-term value in gold at this critical level and furthermore, many of the sellers have already sold and longs have already liquidated.’ Speaking with Kitco News on Thursday, Baruch said that traders must continue to watch the $1,250.90 level and that gold must maintain price action above here. ‘Ideally, the bulls can achieve a close out above $1,264.40 which would encourage further buying into the weekend,’ he said. ‘The market is pricing in a Fed rate hike – in the meantime – the market is finding fair value here,’ he said. December Comex gold was last up $4.00 an ounce at $1,257.80. December Comex silver was last down $0.04 at $17.465 an ounce.
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