Gold Prices Strong Into the Close Friday; What To Expect Monday
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(Kitco News) - The gold market bulls gained steam in late trading early Friday afternoon, and hit a six-week high. Importantly, prices today closed at technically bullish weekly and monthly high closes. Prices today also closed well above the psychologically important $1,300.00 level. Indeed, the bulls have momentum to suggest there will be some decent follow-through buying interest early next week.
On the fundamental side, safe-haven demand was featured late this week due to geopolitics in play--namely the U.S. shocking the marketplace and threatening to slap tariffs on Mexico when the U.S. is already in a major trade war with China.
Gold futures traders reckoned this is not a weekend to go home short, so they also liquidated some positions on short covering.
The next upside price target for the now-confident bulls is technical resistance at $1,320.00.
August gold was last up $16.60 an ounce at $1,309.20.