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December 4, 2015 - 5:08pm

After Friday’s big move, could $1,000 gold still be in the cards for 2015? Gold ended the week up 2% after coming close to a six-year low earlier in the week. Despite Friday’s price action, Gary Wagner, editor of thegoldforecast.com, said that $1,000 gold cannot be ruled out. He said that gold could still be drawn toward the $1,000 round number and a retest of that key psychological level remains possible. In this edition of Kitco’s Chart This, Wagner comments on whether gold is saying, 'who cares' to the rate hike or whether the U.S. Fed’s plan was priced in long ago. Gold’s rally started in earnest Friday, following the release of November’s nonfarm payrolls report, which was relatively in line with expectations. The data showed that 211,000 jobs were created in November with...

November 13, 2015 - 9:55am

As gold prices continue to struggle following Thursday’s fall to a near 5.5-year low, one technician says he wouldn’t be surprised to see the metal move lower. Commenting on famed economist Nouriel Roubini’s call for $1,000 gold in 2015, Gary Wagner told Kitco News that ‘he could absolutely be correct.’ According to Wagner, it is important to look at the intraday low of $1,073/oz gold hit Thursday. ‘That’s a critical point in that it creates a double bottom…secondly, it is a 61% retracement of larger rally from about $550 up to $1,920/oz,’ he explained. Looking at the charts, Wagner says his range for gold right now is between $1,072-1,100, but he is even considering the $1,000 support level. ‘I think the action that we’ve seen over the last couple of weeks with the dramatic decline is...

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October 13, 2015 - 5:17am

Published on Oct 13, 2015

As gold prices continue to rise Tuesday, one technical analyst says he expects the momentum to continue. ‘We saw what I believe is the absolute bottom in terms of gold prices when it came intraday down to about $1,071 and since that, we’ve seen the market rise,’ Gary Wagner, editor of thegoldforecast.com, told Kitco News in an interview Tuesday. ‘I think we will probably see some stabilization.’ According to Wagner, it is also interesting that gold prices and equities are moving in tandem, as they did in 2009, he said. December gold futures were last up 0.11% at $1,165.80 an ounce, while major U.S. indices remain flat on the day. Looking at silver, Wagner said to expect more volatility for the metal ahead. December Comex silver futures continued their...

October 2, 2015 - 5:47pm
Published on Oct 2, 2015

Although gold prices roared higher Friday in the immediate aftermath of surprisingly weak nonfarm payrolls data, one analyst says he still needs to see technical evidence in the market to become bullish long-term. According to the Bureau of Labor Statistics, only 142,000 jobs were created in September, well below expectations of 200,000 jobs. ‘[It] was such a low number that the current take at least for today is that certainly the Fed can’t raise interest rates this year, and probably not until March of next year,’ Gary Wagner, editor of thegoldforecast.com, told Kitco News Friday afternoon. ‘That kind of perception, I believe, is what has really propelled gold to higher pricing.’ December Comex gold futures rose roughly 2% on the day, hitting...

September 25, 2015 - 4:43pm

After hitting a four-week high earlier this week, gold was down on Friday but was still preparing to end its second consecutive week in positive territory, showing gains of 0.5%. Spot gold was last down $6.10 at 1148.00 an ounce. Gary Wagner, editor of thegoldforecast.com told Kitco News on Friday that an ‘interesting scenario,’ is brewing for the metal. ‘My belief is that once gold hit $1,092, it was a significant bottom -- once we bounced off of that we started to build a base. I think we are continuing to move on that rally,’ he said. ‘We did get a nice bounce as the market came down earlier, it thought it would go to $1,115 – but we have a great support at $1,121’ he added. As for Fed Chair Janet Yellen’s after-market speech on Thursday, Wagner viewed her talk as a litmus test to...