Kitco News– Gold ended the U.S. day session moderately lower, near the session low and dropped to another four-week low Wednesday. However, Todd ‘Bubba’ Horwitz, chief market strategist with the Adam Mesh Trading Group, says he is still a buyer of the metal in the ‘face of all the bad news that is in the market.’ Some hawkish ‘Fed speak’ and upbeat U.S. economic data hit the precious metals markets today. Gold prices are now closing in on major psychological support at the $1,100.00 level. December Comex gold was last down $7.50 at $1,106.50 an ounce. December Comex silver was last down $0.179 at $15.06 an ounce. “Gold and silver reached our initial objectives and now have sold off. [They] should hold $1,100 and $14.50,” Horwitz said in an interview with Kitco News on Wednesday. Adding to gold’s troubles, is the boost the U.S. dollar index received after U.S. Federal Reserve Chair Janet Yellen testified to a U.S. House committee on bank regulations. She said a Fed rate hike in December is a ‘live possibility’ due to better U.S. economic data over the past few months and her expectations of more of the same in the coming months. Horwitz says he is sticking to his thoughts that the Fed will not raise rates this year, ‘my opinions have not changed and neither have the markets.’
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