Gold may trade in range between $1,600-$1,650/oz – RBC Capital Markets

Gold traders seem to be equally divided in where the metal should go, with a range of $1,600-$1,650 an ounce expected as the market heads into the last week of the year next week, says George Gero, vice president, global futures, and precious metals strategist at RBC Capital Markets.

A close over $1,615 in the Feb Comex contract could uncover buy stops. Next week will tell if the jewelry trade’s push around the holidays for Platinum and Palladium as a lower priced substitute for Gold worked holiday “Expect more short covering in the next few days not new business,” he concluded. – CommodityOnline

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Posted by admin on Dec 24 2011. Filed under Gold predictions. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry