Gold prices are on track for another rally into the $1,700 an ounce price range on the back of frothy equity markets, this according to Patrick Ceresa, founder and chief market derivatives strategist at Big Picture Trading.
"I feel that generally, the bull trend for gold is intact as long as gold can hold above $1,500 during this consolidation that we're in. If that's the case, then this is actually a compelling buy on dip on gold for a move towards $1,700," Ceresna told Kitco News on the sidelines of the Vancouver Resource Investment Conference.
On equities, Ceresna said the S&P 500 is due for a 200 to 300 point drop this quarter.