Gold prices are closing in on buy range after pulling back from record high, charts suggest

Gold prices are closing in on buy range after pulling back from record high, charts suggest

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It may soon be safe to buy gold .

That’s according to Mark Newton, founder of Newton Advisors, who says the precious metal could be a buy on a pullback.

“On the intermediate term basis, the charts look pretty compelling.” Newton said on CNBC’s “ Trading Nation ” on Thursday. “The weekly trend still looks quite bullish, and one would want to really buy into any sort of pullback we see over the next month.”Gold fell below $1,865 on Thursday despite a bullish note from Citi. Analysts forecast an average price of $2,500 next year as part of their bull case for gold. Newton says the time is coming to dip into the safe-haven asset.“We did move back to all-time high territory over the last two years. We moved from August of 2018 into August of this past year. … I’m looking at about $100 lower, $1,750 down to $1,650, […]

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