After gold hit a seven-week high last Wednesday as jitters over Syria and Russia mounted, many investors were expecting to see strong momentum carry over to this week. And while gold prices are moderately up and trading near their session highs in late-morning dealings Monday, they are far from what many expected from the safe-haven.
June gold was last up $4.00 an ounce at $1,352.00.
"I believe it is going to happen and in due time," Bill Baruch, president of Blue Line Futures said on Monday.
"I think this breakout is coming but it's going to take a while; there are bears defending this and there are a lot of bulls already in the market," Baruch said, noting he expects gold to reach $1,420-$1,430 before August.
The geopolitical tensions coupled with a potential trade war with China still in the picture, had many investors expecting "emotional" gold to rally to $1,400 an ounce. Baruch recognized that given the current landscape, many investors might be scratching their heads as to why gold is not moving faster. "The dollar has not made it's next leg down," Baruch explained as the main hurdle stopping gold from breaking out of the current range.
Watch more from Kitco News here.