Kitco News – Gold prices ended the U.S. day session lower Tuesday, as a rallying U.S. dollar index is prompting selling pressure in gold and silver markets. However, senior market strategist, Todd ‘Bubba’ Horwitz of the Adam Mesh Trading Group, said that the metal is looking ‘pretty good.’ ‘Yesterday we had weak dollar and strong euro currency, today we have the opposite. At end of the day, I think gold found a nice level at $1,100 and we popped up at $1,140 – which is a pretty good level if you are a trader and want to take some profit,’ he said in an interview with Kitco News. December Comex gold was last down $8.10 at $1,124.50 an ounce. ‘I think you are seeing a profit taking mentality, more than an I’m getting out and I’m scared mentality,’ Horwitz said. The U.S. dollar index moved to its daily high, which prompted additional downside pressure on the gold market. ‘We will see more buyers step in – if we get through $1,140 we can get to $1,170. Technically it is starting to look really good – this is just natural selling and it is not concerning at all to me.’ On the silver front, Horwitz said he favors the metal over gold. ‘I love silver. It has a great chance to make a big rally and the risk is minimal here. You want to be buying silver at these levels,’ he said. December Comex silver was last down $0.461 at $14.76 an ounce.
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