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August 16, 2017 - 4:31pm

Gold prices managed to move into positive territory Wednesday afternoon following the U.S. Federal Reserve's July meeting, which had a dovish tone. December gold rose $3.20 to settle at $1,282.90 an ounce. The rally comes after the metal came close to hitting the key psychological level of $1,300 last. ‘The minutes were extremely dovish...

it now seems highly unlikely we will see a rate hike this year,’ Gary Wagner, editor of The Gold Forecast, said in an interview with Kitco News. ‘The Fed minutes are more of a long-standing market mover, it is not just a flash-in-pan and we should see gold stabilize,’...

July 21, 2017 - 4:56pm

After a relatively muted summer, gold is now ending the week 2% higher. Gold was last quoted up $10.10 at $1255.40 an ounce, its highest level since June 26.

"We definitely hit a bottom last week...I still think we have higher to go," said Gary Wagner of thegoldforecast.com. '

“With the fundamental events in the marketplace now, we could see a break above $1,300 now,” he added. "A break above $1273 would signal the proper momentum to get back to this level."

However, equities in the short-term have definitely outshined the yellow metal. Since last year's Brexit vote, a portfolio with only 5% exposure in gold is up 32%, beating a 50% exposure which is up 17%, according to data analyzed by U.K.-based media outlet The Telegraph.

July 13, 2017 - 4:29pm

After rising for three straight sessions, gold came down $1.40 an ounce at $1,217.70 on Thursday. ‘Right now, we hit an intraday low this week at around $1,204 so to me there is some hope that $1,200 will hold as a support level," said Gary Wagner, editor of thegoldforecast.com. In the past three days, gold has had a higher intraday low than the previous trading session on each occasion, Wagner added. "Prices have also traded to a higher high than previous sessions, along with consecutively higher closes. However, during each of these trading days, the positive net change can be characterized as only a small upside move."

June 7, 2017 - 4:05pm

The gold market saw additional selling pressure in late-afternoon trading Wednesday, following the early release of former FBI director James Comey’s testimony scheduled for Thursday. However, to technical analyst Gary Wagner, this knee-jerk reaction is a necessary correction in gold’s overall rally. ‘We might go into period of consolidation but overall I am bullish,’ he told Kitco News. ‘Gold challenged the $1,300 mark and I still think we can take that out this year.’

May 25, 2017 - 3:19pm

Gold prices continue to hold on to small gains after initial weekly U.S. jobless claims saw muted change, rising by 1,000 to a seasonally adjusted 234,000 in the week to Saturday, the government said. Gold was already showing some modest gains ahead of the report and was relatively unchanged in initial reaction. June Comex gold futures last traded at $1,257 an ounce, up 0.31% on the day. “Immediately following the release of the minutes, we saw U.S. equities moving modestly to higher ground. At the same time, we saw the U.S. dollar trading modestly lower and gold trading slightly higher,” Gary Wagner of thegoldforecast.com said. “These actions come about as a result of the Federal Reserve’s resolve to implement another interest rate hike in June. Based on the CME’s FedWatch tool, which...