This is a syndicated repost courtesy of Money Morning. To view original, click here. Reposted with permission.
In my update last week, I made the case for why I thought gold prices had bottomed on July 7 at a nearly three-month low of $1,210.
This week’s action seems to be cementing that view, with the gold price on track to post a weekly gain of 0.6%. If that happens, gold will have posted its third weekly gain in a row since the July 7 bottom.
Gold’s been hitting my targets pretty consistently, with the $1,260 target I mentioned last week already surpassed with today’s 0.3% gain to $1,263. The catalysts behind this past week’s lift were the Federal Reserve and the U. S. dollar.
In fact, the price of gold closed at $1,260 – the highest since June 14 – thanks to the Fed’s decision to keep interest rates unchanged after the FOMC meeting this week.
This post was published at Wall Street Examiner by Peter Krauth ‘ July 28, 2017.