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Merrill Lynch analyst says gold could be headed to $1,500/ounce

Posted on 06 November 2013

Although gold futures are down about 20% this year at around $1,309 an ounce, they could be headed to $1,500 an ounce, according to Bank of America Merrill Lynch’s head of global technical strategy, MacNeil Curry.
Curry says his view on gold recently changed from bearish to bullish due to technical factors. “The impulsive gains from the $1,251 low of Oct. 15…say a medium-term base and bullish turn is unfolding,” he said in the note. “We look for an ultimate break of the $1,433 highs of Aug. 28, with potential for a push to $1,500/$1,533 long-term resistance. In the next several sessions we would buy a dip into $1,309.”……………………………………….Full Article: Source


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