Kitco News: Gold Gets a Jackson Hole Bounce, Now There’s Talk of $1,350

Gold prices spiked Friday as all eyes were on Fed chair Janet Yellen and European Central Bank president Mario Draghi’s speeches at this year’s Jackson Hole symposium in Wyoming. The metal traded in the green, last at $1,295.90 an ounce. However, one gold expert is still waiting for the metal to close above key resistance before he becomes ultra-bullish. ‘I’d feel more comfortably bullish when we have effective closes above 1300,’ Gary Wagner, editor of thegoldforecast.com, told Kitco News during Draghi’s remarks. ‘We’ve certainly tested the waters, now we simply need to see the market have the momentum to close above that. Once that happens, I absolutely believe we’re headed substantially higher.’ Commenting on the central bankers’ meeting, Wagner said he didn’t make much of Yellen’s remarks, noting that she ‘did not want to rock the boat.’