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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