Gold to reach $1350 in 2019

A PEAK in the US dollar and “toxic US debt” should continue to support gold prices, but don’t expect a substantial rally in 2019, according to analysts at Scotiabank.
Gold to reach $1350 in 2019 Gold to reach $1350 in 2019 Gold to reach $1350 in 2019 Gold to reach $1350 in 2019 Gold to reach $1350 in 2019

Staff Reporter

In its 2019 forecast, the bank said that it sees gold prices averaging the year around $1300 as prices are caught in a $150 range with the peak coming in at $1350 an ounce, Kitco News reported.
 
The analysts said according to gold's technical picture, "a floor at $1200 is both confirmed and respected".
 
The comments come as gold prices struggle to hold recent gains, failing to break through critical resistance at $1300 an ounce. February gold futures last traded at $1282.50 an ounce, nearly unchanged on the day.
 
Overnight, the gold price was fixed at $1278.37 per ounce
 
The WTI crude oil price was slightly up overnight at $53.24  per barrel.
 
In softer commodities, cocoa creased $11 per tonne or 0.49% to $2256/t yesterday from the $2245 in the previous trading session, tradingeconomics.com reported. Historically, cocoa reached an all-time high of $4361.58/t in July of 1977 and a record low of $211/t in July of 1965.
 
Coffee increased 1.90c per pound or 1.84% to 105.30c/lb yesterday from 103.40c/lb in the previous trading session, tradingeconomics.com reported. Historically, coffee reached an all-time high of 339.86c/lb in April of 1977 and a record low of 42.50c/lb in October of 2001.
 
 
 

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