Gold is recovering this morning and look for higher gold prices as we get closer to September..
On Tuesday, gold fell $13.70 to close at $814.60 an ounce. Gold futures have suffered a drop of more than $100 per ounce since July 31 on the heels of a broader decline in commodities.
"The vicious sell-off has resulted in gold now being massively oversold," wrote Mark O'Byrne, executive director at Gold and Silver Investments Ltd., in a research note. "While bottom calling is a dangerous pursuit and the old market adage to 'never catch a falling knife' remains appropriate, value investors and bargain hunters with longer-term horizons are likely to be strong buyers at these very depressed levels."
