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Gold costs are on track for an additional rally right into the $1,700 an ounce cost range on the back of foamy equity markets, this according to Patrick Ceresa, founder and primary market derivatvies strategist at Big Picture Trading.
" I really feel that typically, the bull pattern for gold is intact as long as gold can hold over $1,500 throughout this loan consolidation that we're in. If that holds true, after that this is really an engaging buy on dip on gold for a step towards $1,700," Ceresna informed Kitco News on the sidelines of the Vancouver Resource Financial Investment Conference.
On equities, Ceresna claimed the S&P 500 is due for a 200 to 300 point decline this quarter.
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What will happen to gold prices once stocks get slammed this quarter
Gold prices are on track for another rally into the $1,700 an ounce price range on the back of frothy equity markets, this according to Patrick Ceresa, founder and chief market derivatvies strategist at Big Picture Trading.
"I feel that generally, the bull trend for gold is intact as long as gold can hold above $1,500 during this consolidation that we're in. If that's the case, then this is actually a compelling buy on dip on gold for a move towards $1,700," Ceresna told Kitco News on the sidelines of the Vancouver Resource Investment Conference.
On equities, Ceresna said the S&P 500 is due for a 200 to 300 point drop this quarter.
__________________________________________________________________
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