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NEW YORK (TheStreet) -- With the Federal Reserve's FOMC meeting underway today and Wednesday, investors are looking for clarity in a variety of markets.
Alan Knuckman, chief market strategist of Trading Advantage, told TheStreet's Jill Malandrino the upside move in gold was very rapid and the fall back to the $1,300 level should act as solid support for traders looking to get long.
He added that the weakness in the U.S. dollar and strength in the euro could act as a positive catalyst for gold to go higher. However, perhaps gold itself is not the best way to play an upside move.
Like gold, Barrick Gold (ABX) and Newmont Mining (NEM) are near or at their halfway-point support levels, he said. Knuckman likes Barrick Gold near $18 and Newmont Mining around $28, with a stop-order for the latter at $27. He concluded these stocks are leaning on solid support levels and offer favorable risk-to-reward ratios. -- Written by Bret Kenwell in Petoskey, Mich. Follow @BretKenwell Follow @optionsprofits
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