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FXTM: Gold Break Above $1,300 May Encourage More Buying

Gold could gain some technical momentum now that it’s back above $1,300 an ounce, says Lukman Otunuga, research analyst at FXTM. The yellow metal is modestly higher early Monday after getting a boost Friday from soft U.S. inflation data that clouded prospects for higher U.S. interest rates in 2018, the analyst says. “With political risk in Spain, and geopolitical tensions concerning Iran and North Korea still supporting some flight to safety, the yellow metal could find support in the short term,” Otunuga says. “From a technical standpoint, gold has broken above the $1,300 psychological level, which may encourage a further incline towards $1,315 and $1,320, respectively. If prices fail to stay above $1,300, this should encourage a decline back towards $1,280.”

By Allen Sykora of Kitco News; asykora@kitco.com

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