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“It’s almost a perfect storm; you have multiple developments which are driving gold higher,” said Philip Streible, senior market strategist over at Chicago-based RJO Futures in an interview with Kitco News. “It can also get ugly for the European Union going forward,” said Streible “as traders are watching the upcoming elections in France and the United Kingdom as it prepares for its exit from the EU — the uncertainty would bode well for gold. As for gold’s next upside potential,” Streible said, “I think $1,300 is realistic target to the upside. It depends how the Fed will play it out…I do think gold makes this systematic move to the upside and it can hit it in the next 30 days.” he added.

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Phillip Streible

Early in his career Phillip began trading his own account as a screen trader focusing on the metals, grains and stock indices. He then became a Series 7 licensed financial consultant with A.G. Edwards. Later, he expanded his trading experience into a Series 3 licensed commodity broker with Investment Analysis Group. Most recently he was a senior market strategist at MF Global before joining RJO Futures in October 2011 as a senior commodities broker. As a senior commodities broker his goal is to show clients how to anticipate, recognize and react to bull and bear market conditions through the use of technical analysis techniques that help them to define risk.