Gold is Making a Comeback in a Big Way

After a relatively muted summer, gold is now ending the week 2% higher. Gold was last quoted up $10.10 at $1255.40 an ounce, its highest level since June 26. "We definitely hit a bottom last week...I still think we have higher to go," said Gary Wagner of thegoldforecast.com. '“With the fundamental events in the marketplace now, we could see a break above $1,300 now,” he added. "A break above $1273 would signal the proper momentum to get back to this level." However, equities in the short-term have definitely outshined the yellow metal. Since last year's Brexit vote, a portfolio with only 5% exposure in gold is up 32%, beating a 50% exposure which is up 17%, according to data analyzed by U.K.-based media outlet The Telegraph. (show less)

After a relatively muted summer, gold is now ending the week 2% higher. Gold was last quoted up $10.10 at $1255.40 an ounce, its highest level since June 26. "We definitely hit a bottom last week...I still think we have higher to go," said Gary Wagner of thegoldforecast.com. '“With the fundamental events in the marketplace now, we could see a break above $1,300 now,” he added. "A break above $1273 would signal the proper momentum to get back to this level." ... (read more)

Chart This!
Chart This!

A former city guy, Gary Wagner abandoned the briefcase & tie and joins us weekly from his home in Hawaii. Whether you are a newbie or veteran trader, Gary provides an educational segment for all levels of investors. Gary will teach you the ‘ins’ and ‘outs’ of mapping gold charts from using Japanese Heikin-Ashi charts to Elliott Wave analysis. Gary Wagner simplifies charting for investors every Friday on Chart This!

 

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