Gold To Tackle ‘Great Wall’ Of Resistance Next Week – Analysts
Gold will be on the offensive next week, once again trying to break through the $1,300 level where it faces a “great wall” of resistance, analysts told Kitco News.
Gold prices lingered just above $1,290 on Friday as markets digested Federal Reserve Chair Janet Yellen’s speech and waited for comments from European Central Bank President Mario at the annual central bankers’ symposium in Jackson Hole, Wyoming.
There was a consensus among analysts that gold prices are likely to increase next week, but will have a tough time breaking the heavy resistance wall that has built up. Expect range-bound trading between $1,280-1,300, they said.
The yellow metal rose more than 2.3% in August alone and roughly 12.5% since the start of the year. On Friday, December Comex gold was last seen at $1,296.40, up 0.34% on the day.
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