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Scott Nations Is Bullish On Gold

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On CNBC's "Fast Money Halftime Report," Scott Nations said gold's next move will be higher. The precious metal has traded significantly higher since mid-March, but Nations doesn't think it is overbought, because its RSI index is at 59.

Gold is waiting for the Fed minutes, which are going to be breathtakingly dovish, said Nations. If the Fed pins certain maturities at certain yields, that would be great for gold, explained Nations. He wants to buy the August contract in gold at $1,770 and he would place a stop loss at $1,754. The target for the upside would be at $1,900. If the Fed announces lower yields as Nations expects, he is going to raise the price target and the stop loss.

 

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