Video News/Chart This with Gary Wagner

(Kitco News) - Gold's recent recovery has convinced technical analyst Gary Wagner that its months-long correction has ended, even as he sets aside his earlier call for $6,000 an ounce, according to the editor of TheGoldForecast.com. Speaking with Kitco News, Wagner said he now sees $5,000 to $5,100 an ounce on the high side before year-end, having lowered his $6,000 target on the same show a month earlier when the data no longer supported it. He said gold formed a base above $4,000 over roughly six weeks before breaking out in the first week of August, a move he described as happening "really with fury," and told Kitco News, "We definitely hit a bottom." Wagner placed major support at $4,200 and resistance near $4,644, with $4,500 the next challenge on the way up. He also flagged a shift after four decades of reading these markets: geopolitical tension, once reliably bullish for gold, has lost its punch, noting that gold fell rather than rose when the US and Iran went to war.