‘Gold Rally Got a Little Carried Away’ – DeCarley Trading

from Kitco NEWS

The gold market is struggling to find consistent momentum and it may be time for the red hot metal to cool down, according to Carley Garner, co-founder of DeCarley Trading.

Garner said that after gold’s run, which saw prices hit a 7.5-year high last month, a correction would be healthy. Although Garner sees the possibility of gold testing resistance at $1,650 an ounce, she said that she is optimistic prices can move higher later in the year.

“As long as that area holds, I think gold’s got a good shot at it, running back up,” she said. “Assuming those levels hold, as I expect them to, I’m thinking somewhere in the $1,800, to $1,850 area.”

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