On April 20th, Carley Garner of DeCarley Trading was interviewed by Daniela Cambone of Kitco News regarding the fate of the gold futures market, and specifically whether or not it will break resistance at $1,300.
Gold futures prices managed to gain some ground near the close on Thursday after dropping to their lowest level in a week. However, futures trading book author and commodities broker Carley Garner said the precious metals are due for a ‘modest’ correction. ‘I personally think the $1,300 level will hold as resistance,’ she told Kitco News on Thursday. The senior analyst for DeCarley Trading noted that the gold futures market is finding support mainly from geopolitical tensions, which seem to be dissipating. ‘I think it’s geopolitical risk or nothing at this point for gold,’ she said. Garner added that the U.S. dollar is likely to remain well supported, which would be another factor working against the yellow metal. ‘Gold won’t benefit from a weaker dollar any time soon.’ Gold futures managed to take on 40 cents to settle the day at $1,283.80 an ounce.