New Gold Bull Sees Price Reaching $1,700

CNN-- "Marc Chandler believes that the price of gold will continue moving higher. He believes that bullion will hit $1,700 this year, which implies a 10% upside from the current price. Chandler is one of the best-known foreign exchange strategists in the world. He is the chief market strategist for Bannockburn Global Forex, which is a capital markets firm that specializes in advisory, analytics and transaction processing for companies. Chandler first unveiled his bullish call on gold in an interview with Bloomberg in June this year...He continues to believe that negative interest rates, geopolitical constraints and technical factors mean that the price of gold could keep moving higher. He said: 'Negative interest rates mean that the opportunity cost of holding a non-yielding asset has fallen.' Just last week, the Federal Reserve slashed interest rates by 25 basis points. This was the second consecutive interest-rate cut in as many meetings. Some analysts believe that the Fed could have another 25 basis point cut this year. Others, like Ron Paul, think that rates could go negative in 2020. The situation is not improving around the world. On September 12, the European Central Bank pushed rates further negative and pledged to do more. In Japan, the BOJ announced that it might cut rates as the economy continues to weaken....On the technicals, Chandler said that: 'My reading of the charts suggests a target of around $1700 when it moved above $1400.'"