Tuesday, 29 August 2017 20:27 WIB |
GOLD CORNER |Gold OutlookGold Corner
North Korea is again looking like Public Enemy No. 1, as Harvey's mounting toll adds to the bleak mood.
The rogue nation's missile launch over Japan has helped put the S&P on track to join in a gold stock slump. Meanwhile, gold and other safety plays are scoring sizable gains, sparking chatter about how much more they could climb.
For gold, the route up to around $1,375 an ounce looks œwide open, writes trader Petros Steriotis for our call of the day.
That level is around where gold peaked in August 2016, and Steriotis is suggesting it looks easily reachable. The metal is trading at roughly $1,330 an ounce ” a fresh 11-month high after yesterday™s strong move.
Gold is looking good after spending much of this year œtrapped in a range between about $1,200 and $1,300, says David Madden at CMC Markets UK. œNow that is has made a clear break beyond the range, we could see further gains, he says.