Gold prices set to soar as Fed signals years of low interest rates

Gold last traded at $1,961 an ounce. Silver at $27.08 an ounce.

NEWS SUMMARY: Precious metal prices rose Friday amid growing stock market volatility and a weaker dollar. U.S. stocks traded mostly lower led by weakness in tech shares and investor option-contract expirations.

Fox Business---
"Gold prices are set to spring higher after more than a month of moving sideways, according to one analyst. Drivers include a positive technical backdrop and the likelihood of sustained low interest rates in the world's largest economies that may prompt investors to seek better returns in other 'safe haven' investments. Gold has 'worked off the momentum, sentiment and positioning extremes seen at the peak and looks set to resume its uptrend' wrote Laurence Balanco of Hong Kong-based capital markets and investment group CLSA Ltd....'Price action is now pricing the apex of this pattern, and something has to give,' Balanco wrote. He thinks a close above $1,966.60 would confirm a breakout to the upside that targets $2,185 to $2,200, up as much as 12% from the $1,960.20 where the precious metal settled on Wednesday....'We would look at adding new long gold positions,' Balanco said."