Gold's Mission: Revisit Resistance At $1,700 An Ounce

 Bloomberg-"The gold market is set up to continue its bull run after a pause, according to Bloomberg Intelligence (BI). 'Gold's advance appears to have among the strongest foundations,' BI senior commodity strategist Mike McGlone said in the latest commodity outlook. 'Gold prices should continue to advance. Fed easing is a tailwind.' The gold bull run is projected to continue this year as gold's mission is to revisit its resistance at $1,700 an ounce, last seen in 2013, McGlone highlighted. 'A potential increase in hedge fund positions supports our view that gold's initial mission is revisiting resistance near 2013's peak at $1,700 an ounce,' he said. 'Hedge funds' net-long futures positions are a bit extended, but indicate that gold is in the early days of a bull market.' The only headwinds strong enough to hold gold back from the $1,700 an ounce level is a higher U.S. dollar and weaker equity volatility, warned McGlone. 'The extent to which Fed easing can reverse the appreciation of the dollar should be the primary factor behind gold's showing vs. U.S equities,' he wrote."