Investors can expect gold to break out to $1,420 an ounce this year, said Bill Baruch, president of Blue Line Futures.
Gold rallied this week despite the Fed announcing higher interest rates because investors were expecting the FOMC to adopt an even more hawkish stance, according to Baruch.
Baruch told Kitco News that if gold can break out above the $1,351 an ounce resistance level, we may see further upside very rapidly. “I’m less worried about $1,400, I think we’ll see $1,420,” he said.
- Source, Kitco News
