Analyst: We've already seen gold's absolute bottom, now expect further rise - Video
Gold prices keep climbing Wednesday, and technical analyst Gary Wagner suggests the momentum will linger.
He considers that we have already seen the absolute bottom in terms of gold prices when it hit an intraday low of $1,071 and since than time, it was an uptrend, he says, adding that we will soon see stabilization.
It is also interesting that gold prices and equities are moving in tandem, as they did in 2009, Wagner said.
Looking at silver, the analyst said to expect more volatility ahead. The precious metal is currently back down at around $15.90/oz.
Silver rose from $14 to where it moved almost $2 in under two weeks in trading, "so we will see volatility and may see much more upside," Wagner said. The technical forecaster is also upbeat on the platinum group metals, particularly palladium:
"We’ve got palladium that has been just a stellar performer, actually moving closer and closer to parity with platinum," he noted, adding that it is worth watching as we approach the end of the year.
