Gold Hits Fresh 3-Month High; $1,180 Could be Next - Bill Baruch

Gold pushed above a key technical barrier Wednesday indicating that the market has room to move higher. The yellow metal pushed above the 200-day moving average, marking the first time it broke this barrier since October. Bill Baruch, chief market strategist for Chicago-based, iiTrader.com said he is looking for further short-term gains but added that people should have been in gold since before January 1. However, Baruch suggested that the market is looking a little pricey at current levels. “I think we could see prices hit $1,180 as investors jump in and start to chase the market. But you really want to be out when everyone is jumping in,” he said in an interview with Kitco News. Baruch added that there is as much potential for gold prices to push above $1,200 an ounce in the long-term as there is for further volatility and another selloff. Kitco News, February 3, 2016. (show less)

Gold pushed above a key technical barrier Wednesday indicating that the market has room to move higher. The yellow metal pushed above the 200-day moving average, marking the first time it broke this barrier since October. Bill Baruch, chief market strategist for Chicago-based, iiTrader.com said he is looking for further short-term gains but added that people should have been in gold since before January 1. However, Baruch suggested that the market is looking a ... (read more)

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