Gold Still Has Powder To 'Explode' Through $1,300 - Phil Streible

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Despite kicking off the week lower, gold prices saw some lift Tuesday as the two-day Federal Open Market Committee meeting began. And, according to RJO Futures’ senior market strategist Phil Streible, the metal may have more room to run. ‘As we get closer to the end of these expectations for rate hikes, we’ll see gold move upwards,’ he told Kitco News. Markets are pricing in a nearly 100% chance the central bank will announce a rate hike on Wednesday, once the big meeting concludes. ‘I wouldn’t be surprised tomorrow if we see this kind of push down as the announcement occurs and end up closing higher on the session.’ Last week, gold’s inability to break passed psychological resistance of $1,300 had investors sell their positions; but, Streible said, if the metal climbs back up to those levels, that might just be enough to stimulated renewed momentum. ‘If they start buying back those short positions, I think that could be a catalyst that explodes gold through $1,300.’ August Comex gold futures are trading flat on the day, last trading at $1,270.20 an ounce.