Gold bulls are looking for a ‘major breakout’ above $1,400 an ounce

MarketWatch/Myra P. Saefong/09-08-17

Gold is trading at its highest price in a year, and the yellow metal might already have the fuel to test levels last seen in 2013.

…“All of the ingredients to break $1,400 are there—our debt is out of control and our deficit could skyrocket, especially with infrastructure plus military spending” on the back of a possible confrontation with North Korea, said Jeb Handwerger, editor of GoldStockTrades.com, which offers a newsletter focusing on mining exploration companies.

“We could be maybe weeks away from that $1,400 breakout, which could signal a new uptrend in gold not seen in many years,” he said. Gold prices haven’t traded above $1,400 since 2013. They also hit a high of about $1,687 that year.

Handwerger pointed out that a “major breakout” at $1,400 for gold could “lead to a reversal of the outperformance of stocks over gold into a market that favors precious metals and commodities over stocks.”

PG View: Gold is already outperforming the S&P500 and DJIA year to date . . .

Share
This entry was posted in Gold News, Gold Price, Gold Views, Markets. Bookmark the permalink.

Comments are closed.