Interviews

Gold prices should be targeting as high as $1,650 to $1,700 an ounce by the first quarter of next year, but fundamental events need to be pushing the yellow in the right direction, this according to Gary Wagner, editor of thegoldforecast.com.

As the trade war between the U.S. and China escalates, all eyes are on how the economy will respond, and one expert said that gold will come out as a beneficiary.

Gary Wagner, editor of TheGoldForecast.com, said that as the U.S. prepares to enact 25% tariffs on $200 billion worth of Chinese goods, gold could rally in the long-term due to the tariff’ inflationary impacts.

KITCO NEWS

Published on Mar 24, 2019

Gold has a hit a “critical” area of $1,178 an ounce due to technical factors, said Gary Wagner, editor of TheGoldForecast.com.

“If it breaks below that, I think it will go to $1,124, and if it holds in this area, our next resistance point is going to be back at $1,200,” Wagner told Kitco News.

Gold has not been acting like a proper safe haven due to the fact that a full-blown trade war has not yet been triggered, but this may change once tariffs are implemented, said Gary Wagner, editor of theGoldForecast.com.

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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.

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.

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. '

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.