Video News/Chart This with Gary Wagner

(Kitco News) - Gold’s slide below $4,000 an ounce may be the final leg of its correction, provided key chart support holds, according to Gary Wagner, editor of TheGoldForecast.com. Wagner told Kitco News anchor Jeremy Szafron that gold has “most likely weathered this brutal correction,” but he is watching about $3,884 on the futures chart. A break below that level would put his targets in question, he said, with little technical support until about $3,500, a level he does not expect to see. If support holds, he sees gold ending the year at $4,200 to $4,400 at best, down from the roughly $5,000 he expected a month ago, and he does not expect a new record high before 2027 or 2028. Wagner said the Federal Reserve’s expected December rate hike is largely priced in, and that central banks buy for the long term even as computer-driven funds sell. He called $50 a stronger floor for silver than ever after the metal broke through that long-time ceiling, and expects silver near $55 by year-end, adding that it could outperform gold next year.