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Gold Charts Looking 'Fantastic' as Metal Notches 3-Week High - RJO Futures

Is gold getting its groove back?

Kitco News - Is gold getting its groove back?

Gold prices have been inching higher and steadily and on Thursday the metal scored a three- week high. The yellow metal was supported by surprisingly dovish comments on European Central Bank monetary policy by ECB President Mario Draghi, which in turn helped push the U.S. dollar index to a new 10-month low. August Comex gold was last up $3.70 an ounce at $1,245.70. September Comex silver was last up $0.058 at $16.355 an ounce.

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So is $1,300 gold now back in the cards? " It has been my target for I don't know how long now," said Phil Streible a senior market strategist for RJO Futures in an interview with Kitco News.. "It seems like there is something with that psychological number that is key, and anytime we get close to it, it seems that someone wakes up and says we are too close to $1,300 start selling a ridiculous amount."

Overall Streible said the charts for gold are looking "fantastic,""[T]he chart pattern is great and we should see it continue to rise,' he said.

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This article is commentary by an independent contributor.