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Gold price has bottomed; Jim Wyckoff on Jackson Hole expectations, next target level

Kitco News

(Kitco News) - Gold has already seen the bottom this year, and the rebound starting from a few weeks ago will continue its bull run in the intermediate term, said Jim Wyckoff, senior analyst at Kitco News.

"I think we're going to trend sideways to higher probably until the end of the year," Wyckoff told David Lin, anchor for Kitco News.

Wyckoff noted that sentiment around monetary policy is now shifting in gold's favor.

"From a fundamental perspective, I think that just recently and maybe even just this week, the tenor of the market place has turned from one of a Fed policy that most reckoned would lean a little hawkish at the Fed Symposium at Jackson Hole later this week to one of, now maybe the Fed is going to be forced to stand pat for a while longer because of the surging new COVID strain," he said.

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