Categories: Precious Metals
Topics: General Precious Metals

Perfect Storm Brews For Gold, Next Target $1,300? - RJO Futures Trader

Kitco News -- Gold prices scored a three-week high Tuesday with April Comex gold last up $11.70 an ounce at $1,245.60. Safe-haven demand amid a big sell-off in the U.S. stock market and a sharply lower U.S. dollar index was helping to boost the yellow metal. "It's almost a perfect storm; you have multiple developments which are driving gold higher," said Philip Streible, senior market strategist over at Chicago-based RJO Futures in an interview with Kitco News. "It can also get ugly for the European Union going forward," said Streible as traders are watching the upcoming elections in France and the United Kingdom as it prepares for its exit from the EU -- the uncertainty would bode well for gold. As for gold's next upside potential, Streible said, "I think $1,300 is realistic target to the upside," "[I]t depends how the Fed will play it out... I do think gold makes this systematic move to the upside and it can hit it in the next 30 days, he added.