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Gold may due for profit-taking pullback this week

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NEW YORK (Scrap Register): Gold may be due for a pullback this week if geopolitical tensions with North Korean do not escalate significantly, said Bob Haberkorn, senior commodities broker with RJO Futures.

The metal early Friday hit its highest level in over a year. Haberkorn says this was helped in part by worries that North Korea might launch another missile in conjunction with a major holiday over the weekend.

“After we get past this event, as long as it’s not a catastrophic event…and it does not further escalate the situation, I think you’ll see gold take a little bit of a pullback. It is overdone technically at current levels….Markets don’t go up forever, he added.

“They have to have a pullback to adjust and then make an even higher high. The overall trend is up, but it’s due for a correction on profit-taking after we get through this weekend,” Haberkorn noted.

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