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Gold Could Get a Big Boost, Metal Expert Says

cnbc.com  ( Original )
APR 16, 2018

Colvin, who has worked on the Chicago Mercantile Exchange trading floor for more than 20 years, isn't ruling out a new gold spike caused by tensions abroad. He believes a tenuous geopolitical situation could push prices to $1400 in a hurry.

  

Trader sees rising geopolitical risks as gold rally's next catalyst from CNBC.

Right now, the yellow metal is trading around $1348. Looking at technicals, Colvin sees $1370 as a key resistance level. On the flipside, if prices trickle lower, it could entice buyers to return to the market in droves.

"If we get that close to $1330, I think you're going to see plenty of those speculators come back with both hands to buy it," Colvin said.