Gold’s Summer Lull Might Break Next Week, Investors Eye $1,280
As gold sits near the top of its latest trading range, hitting a new six-week high on Friday, analysts wonder if the yellow metal has more room to grow next week.
Some are feeling bullish on gold, saying that the metal is in an upswing as the U.S. dollar remains weak.
“The correction that we’ve seen in June and July has run its course,” Colin Cieszynski, chief market strategist at CMC Markets, told Kitco News. “The current level is $1,250-$1,265 and gold peaked above $1,265 today, with the next upside level at around $1,280, which is a possibility next week.”