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Gold Hits New 6-Month High in Slow Approach to $1,300

CommoditiesDec 28, 2018 02:55PM ET
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Investing.com - Gold's target for $1,300 remains intact, but gold bugs seem in no hurry to get there, awaiting equity markets to sink for the next big gold move higher.

COMEX gold futures hit new six-month highs on Friday, reaching $1,284.55 per troy ounce.

But instead of settling at those peaks in a push toward $1,300, the market gave back some, to finish up $1.45, or 0.1%, at $1,280.65.

Gold's retreat at the highs came as U.S. stocks flitted between gains and losses on Friday.

"Going into 2019, I expect the price of gold to benefit from geopolitical risks and a softening dollar," said Walter Pehowich, executive vice-president at Dillon Gage Metals in Addison, Texas. "I expect physical demand for gold to increase exponentially, as investors watch the U.S. debt explode and the costs of entitlements getting totally out of hand as our politicians continue to ignore all the warning signs."

The dollar index, measured against a basket of six currencies, hit a one-week low of 95.743.

For gold, it was the ninth positive close in 10 days of trading, boosted by the general slump in equities amid fears of a global recession and worries over the partial U.S. government shutdown since last week. For the year, though, gold remains on track for a 2% loss.

In other precious metals on COMEX, silver futures settled up 0.8% at $15.44 a troy ounce.

Palladium fell 0.8% to $1,185.20 per ounce. Sister metal platinum also lost 0.8% to finish at $789.80.

In base metals, COMEX copper rose 0.4% to settle at $2.68 per pound.

Gold Hits New 6-Month High in Slow Approach to $1,300
 

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Marko Blisse
Marko Blisse Dec 28, 2018 3:05PM ET
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If you guys hype it that much it is time to sell....you know that as well!
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Marko Blisse
Marko Blisse Dec 28, 2018 3:05PM ET
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Sihle Lonzi Serious question? Because as soon as media and platforms tell you something is on track it is close to turn on you.
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Marko Blisse
Marko Blisse Dec 28, 2018 3:05PM ET
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Sihle Lonzi But thank you for wasting your first comment on me!
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Ayokunle Olatunbosun
Ayokunle Olatunbosun Dec 28, 2018 3:05PM ET
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same as $100 Oil target. on weekly gold is overbought. careful y'all
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Marko Blisse
Marko Blisse Dec 28, 2018 3:05PM ET
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Ayokunle Olatunbosun You refer to Stochastic oscillator. This is not really reliable on weekly. we were oversold since 1300 and still managed to go to 1160. If you do look at last time December/January we were oversold at the same level and managed to go to 1365. . But yes the oil target of 100$ is the same thing. As soon as you hear a certain number too often your ´spider senses` should start tingling!
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Marko Blisse
Marko Blisse Dec 28, 2018 3:05PM ET
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EDIT: ".....last time December/January we were overBOUGHT at the same....."
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