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The gold price fell last week, continuing a correction that’s now nearly one month old. The metal dropped 0.7% from Friday, Sept. 29, to Friday, Oct. 6.
The recent correction, which began on Sept. 12, continues to frustrate the gold bulls. After pushing all the way up to a one-year high of $1,351 on Sept. 12, gold prices were poised to fall from there.
In fact, gold’s climb above $1,300 on Sept. 25 and back below that price the following session, as I discussed last week, caused even more sentiment damage.
Given the price action since then, it’s looking like that might not last…
By Friday, Oct. 6, the price of gold had dipped to ‘test’ an intraday low of $1,260, just as I had predicted. But that lasted little more than minutes, as bargain hunters stepped in to boost the price to $1,275 by the close.
Have we now seen gold’s interim bottom? I think it’s set for a rebound from here, which is why I’m going to share with you my gold price targets for the rest of 2017.
First, let’s examine last week’s 0.8% decline and how it plays into the broader gold picture…
This post was published at Wall Street Examiner by Peter Krauth ‘ October 9, 2017.