KITCO NEWS - Gold's strong momentum continues as it hovers within striking distance of $1,300 an ounce, and according to veteran trader Vince Lanci, the metal may have more upside. Gold is gaining momentum as investors digest key upcoming events like the U.K. elections and ECB meeting on Thursday as well as next week's Federal Reserve policy meeting in which markets are pricing in a 95% chance the central bank will hike rates again. 'Gold is looking down the road a lot further than next week's Fed hike,' Lanci told Kitco News. '$1300 is a number people will pay attention to but I'm looking at $1,298 as a resistance area, we could have a pullback from there, but don't be scared.' According to Lanci's analysis, if gold could hold above that key level, the metal may be headed towards $1,400 and beyond. 'You could even see an impulsive spike to $1,550,' he said. August gold futures hit a seven-week high Tuesday, last trading at $1,297.60 an ounce, up 1.16% on the day.
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