What Happened To That $1,300 Gold? Commodities Expert Weighs In

Gold prices managed to gain some ground near the close on Thursday after dropping to their lowest level in a week. However, author and commodities broker Carley Garner said the metal is due for a ‘modest’ correction. ‘I personally think the $1,300 level will hold as resistance,’ she told Kitco News on Thursday. The senior analyst for DeCarley Trading noted that gold is finding support mainly from geopolitical tensions, which seem to be dissipating. ‘I think it’s geopolitical risk or nothing at this point for gold,’ she said. Garner added that the U.S. dollar is likely to remain well supported, which would be another factor working against the yellow metal. ‘Gold won’t benefit from a weaker dollar any time soon.’ Gold managed to take on 40 cents to settle the day at $1,283.80 an ounce. (show less)

Gold prices managed to gain some ground near the close on Thursday after dropping to their lowest level in a week. However, author and commodities broker Carley Garner said the metal is due for a ‘modest’ correction. ‘I personally think the $1,300 level will hold as resistance,’ she told Kitco News on Thursday. The senior analyst for DeCarley Trading noted that gold is finding support mainly from geopolitical tensions, which seem to be dissipating. ‘I think it’s ... (read more)

 
 
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Kitco News
The Kitco News team speaks to analysts and experts on the frontlines of the market to get the most up-to-date news on the economy. The show offers a well-rounded, timely view on big market moves and any major headlines that may affect financial assets. Coined – no pun intended – as the number one source of precious metals news, Kitco News is the leading provider of up-to-date price action in the precious metals space.

 

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