Gold Is Talking And It's Hinting At Key $1,300 Level - Expert

When the gold market talks, this one trader listens....carefully. Veteran trader Bob Iaccino of Path Trading Partners, said that the metal seems to be hinting at higher prices. All eyes are now on $1,300 gold but Iaccino says the market may be eying an even higher level. “It’s a breakout of $1,300 that I’m looking for. Gold is telling me more like $1,343 than $1,300,” he told Kitco News. “[T]hat to me, is a spike in geopolitical tensions, a spike in the VIX, a weakening dollar – a perfect storm for stronger gold.” Gold prices ended the U.S. day session higher and scored a nearly two-month high on Thursday. The gold market bulls are now within striking distance of the psychologically important $1,300 level. December Comex gold settled the day up almost 1% at $1,290.10. September Comex silver settled at $17.065 an ounce, up more than 1% on the day. (show less)

When the gold market talks, this one trader listens....carefully. Veteran trader Bob Iaccino of Path Trading Partners, said that the metal seems to be hinting at higher prices. All eyes are now on $1,300 gold but Iaccino says the market may be eying an even higher level. “It’s a breakout of $1,300 that I’m looking for. Gold is telling me more like $1,343 than $1,300,” he told Kitco News. “[T]hat to me, is a spike in geopolitical tensions, a spike in the VIX, a ... (read more)

 
 
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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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