Wyckoff: $1,308 Gold Price Possible Post-FOMC

from Kitco NEWS

lass=”” >Senior technical analyst Jim Wyckoff joins Kitco News ahead of the Federal Open Market Committee meeting conclusion to comment on the gold market. ‘I think this meeting is going to produce no change in interest rates from the Federal Reserve,’ he said. No move by the Fed would be price supportive for gold, although the market has probably factored in that outcome already, he added. The yellow metal is under some pressure ahead the meeting with August Comex gold futures last down $3.20 at $1,285 an ounce. According to Wyckoff, gold is more focused on next week’s so-called “Brexit” vote, which will determine whether or not Britain will remain part of the European Union. Wyckoff noted that gold has the potential to break above this year’s high of $1,308 post-FOMC.

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