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Colvin, who has worked on the Chicago Mercantile Exchange trading floor for more than 20 years, isn't ruling out a new gold spike caused by tensions abroad. He believes a tenuous geopolitical situation could push prices to $1400 in a hurry.

  [1]

Trader sees rising geopolitical risks as gold rally's next catalyst[2] from CNBC[3].

Right now, the yellow metal is trading around $1348. Looking at technicals, Colvin sees $1370 as a key resistance level. On the flipside, if prices trickle lower, it could entice buyers to return to the market in droves.

"If we get that close to $1330, I think you're going to see plenty of those speculators come back with both hands to buy it," Colvin said.

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References

  1. ^    (%3Ciframe%20src=%22https%3A)
  2. ^ Trader sees rising geopolitical risks as gold rally's next catalyst (www.cnbc.com)
  3. ^ CNBC (www.cnbc.com)

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