The recent safe-haven buying could help gold maintain its current levels as more investors try to diversify their core portfolio positions in more volatile markets.
Chris Verrone, head of technical analysis at Strategas Research Partners, said that gold has been on a positive streak and has been building more promising supports.
“This improvement in gold is now about 4 or 5 years old,” Verrone told CNBC. “We have this big base that’s been taking shape really since late 2012.”
“What we notice here are the higher lows over the last two years so every time they’ve tried to sell gold it’s come back,” he added. “We think ultimately that means it breaks out.”
Comex gold futures were trading around $1,337.5 per ounce Thursday.
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