Gold Shunned For Technicals In Favor Of Copper

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Michelle deBoer-Jones
Published on
Updated on

Gold prices continue to hover between $1,300 and $1,330 an ounce, and while some analysts are calling for further upside for the yellow metal, one firm thinks the long play is all tapped out. There’s no denying that the Federal Reserve has been indirectly driving gold prices with its dovish commentary, but according to Morgan Stanley, the problem is that gold has repeatedly failed to break the $1,350 per ounce level. As a result, the firm is closing out its “long gold” position. If Morgan Stanley is right, then funds like Sturgeon Capital which have benefited from the rise in…

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Michelle deBoer-Jones is editor-in-chief of Hedge Fund Alpha. She also writes comparative analyses of stocks for TipRanks and runs Providence Writing Services. Previously, she was a television news producer for eight years, producing the morning news programs for NBC affiliates in Evansville, Indiana and Huntsville, Alabama and spending a short time at the CBS affiliate in Huntsville.