Gold To Remain Above $1,300 In Final Election Countdown

KITCO NEWS - With October jobs data in the rearview mirror, all focus has shifted to Tuesday's U.S. election where the American public will finally decide who will be the next President. And, according to technical analyst Gary Wagner, gold (GLD) - Get Report investors will also be on the lookout, potentially holding the metal's price above $1,300 an ounce. "Going into the election, I would expect precious metals and specifically gold to continue to act as a safe haven," he told Kitco News Friday. "I think it will trade above $1,300 going into the election and if the polls continue to tighten, I would expect that to be a very strong motivating factor to move gold higher." December Comex gold futures settled the sessions at $1,304.50 an ounce, up more than 2% since last week's close. December silver settled the week at $18.371 an ounce, up almost 3.5%.

This article is commentary by an independent contributor. At the time of publication, the author held TK positions in the stocks mentioned.