UNITED STATES August 14 2017 8:05 AM
NEW YORK (Scrap Register): With gold prices rallying again as inflation data disappoints, one veteran market watcher said the metal is poised for further gains.
“With higher open interest, higher volume, higher closes and higher moving averages coupled with some worriers in stocks globally, we could see $1,300 earlier than year end,” said RBC’s George Gero in an email to clients.
The metal is just shy of that level, getting a boost from weaker than expected Consumer Price Index data.
The inflation read rose by 0.1% in July while consensus forecasts were calling for a 0.2% print.
Gold has cooled off a bit, last trading at $1,290 an ounce, relatively flat on the day.