Gold Prices Rise, But Expect Major Resistance in the Near Term

Though the stock market is pulling back, there isn't much in the gold space to push the yellow metal decidedly higher, says Grafite Capital options trader Mihir Dange.
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Gold prices rise on Tuesday, but Grafite Capital options trader Mihir Dange tells TheStreet's Joe Deaux that major resistance rests ahead. Dange says he expects a price target of $1,275 an ounce for gold in the next three months. Though the stock market is pulling back, there isn't much in the gold space to push the yellow metal decidedly higher, Dange says. Gold prices have hovered near $1,300 an ounce since Friday, when the Labor Department reported a solid jobs report.