Gold’s on track for its longest losing streak in almost 30 years, but Jeff Kilburg, a CNBC “Futures Now” trader, says 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. According to Kilburg, gold is actually performing better than you would think given the high 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.”
Kilburg wants to buy gold at $1,180, just below its Thursday levels, and he’s targeting a move up back to $1,205 for the metal. But if gold keeps falling and reaches $1,167.50, then Kilburg wants to stop out of his trade.
Jim Iuorio of TJM Institutional Services had been eyeing $1,190 as a key technical level for gold, and now that the metal has fallen below that he believes that the “weakness goes to the medium term.” He does agree with Kilburg that the fact that there hasn’t been an even more pronounced move down could be a hopeful sign for gold, but he’s still counting on the metal to fall even further.
“I thought when $1,190 gave this morning that sellers would rush in and push it lower,” he said on “Futures Now.” “I don’t know what they’re waiting for, but I’m still waiting out for them.”
Gold is currently down more than 7 percent year to date.