Market observers believe gold will continue to experience volatile trading as the debate continues over Obama’s job creation plan and traders take positions ahead of the Federal Reserve meeting next week.
MF Global analyst Tom Pawlicki expects gold to fall toward $1,750 an ounce next week in light of uncertainty and the failure of the market to hold up gold’s momentum. “A decline may be anything but a straight-line fall, as volatility is likely to remain,” Pawlicki added.
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Max Chen contributed to this article.
Full disclosure: Tom Lydon’s clients own GLD and SLV.