MTECHTIPS;-Gold Hits 2-Week High, but Seen Mostly Range-Bound for Now
MTECHTIPS;-Gold Hits 2-Week High, but Seen Mostly Range-Bound for Now
MTECHTIPS-Gold hit two-week highs on Wednesday, demonstrating its comfort at the $1,200 perch. But a game-changer is needed if the market is to break out of its recent range. Brexit turmoil, stock market jitters, trade wars and the potential for U.S. sanctions against Saudi Arabia for the murder of journalist Jamal Khashoggi are among factors supporting the yellow metal from falling to the $1,100 level, traders said. "Gold is still a haven for many, but needs more open interest and more higher closes over the $1235-$1250 level to attract asset locators," said George Gero, precious metals analyst at RBC Wealth Management in New York. Walter Pehowich, executive vice president at Dillon Gage Metals in Addison, Texas, concurred. "For the time being, I expect the price of gold to find its way higher, at a slow and steady pace, as investors convert their stock holdings into other products," Pehowich said. "An accelerated pace can occur if there is any news from the Fed that they might be thinking of pausing their aggressive interest rate posture
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