Gold futures will stumble during the remainder of this month before ultimately achieving the long-awaited, much anticipated $2,000 per troy ounce milestone next month, state technical analyses noted by Bloomberg.
By the end of this month, gold will fall as low as $1,650 per troy ounce or $1,670 per troy ounce, according to Commerzbank AG and MIG Bank, respectively. But both banks agree that come October, gold futures will push beyond the $2,000 per troy ounce threshold.
But Jim Stellakis, an independent analyst, forecast the precious metal to slip no lower than $1,725 per troy ounce.
"Over the last couple of months this uptrend has accelerated," Stellakis told the news service.
Gold prices might receive a boost if Moody's Investors Servcie follows through and slashes the credit rating on some of the larger banks in the nation hosting the euro zone's second-largest economy, Dow Jones Newswires reports. France lags behind only Germany for biggest regional economy and might find some of its more prominent banks victimized by fallout of the sovereign debt crisis due to exposure.
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