Gold Price Has New Targets: Ceiling At $1,500, Hard Floor At $1,350 - Scotiabank

From kitco.com

A major macro shift has triggered gold's breakout in June, which has led to the metal’s “cyclical repricing” with the new ceiling set at $1,500 an ounce and a new hard floor at $1,350, according to Scotiabank. “Gold’s sharp repricing in June, in both US$ terms and versus other fiat currencies, was a statement breakout; it highlighted a macro regime shift and proved that it has adapted to be a geopolitical hedge, a trade policy hedge, a rate cut hedge, and a currency war hedge,” said Scotiabank commodity strategist Nicky Shiels in the Metals Monthly report. “Gold’s technical milestone is cleared ($1,350), its ... (full story)