“It’s a very emotional market,” remarked Bob Haberkorn, senior market strategist with Lind Waldock. “Right now it has to with sentiment, and I’m sure there’s margin calls out there.”
However, Haberkorn believes that gold will stay range-bound at $1,500 since “it would present buying opportunities and (investors) will come in.”
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Max Chen contributed to this article.
Full disclosure: Tom Lydon’s clients own GLD.