Gold Bulls Likely to Return on Price Dips: Technical Analysis

Gold will probably attract buyers on declines toward $1,325 an ounce with the medium-term bull trend targeting a record $1,460 to $1,500 an ounce, according to technical analysis from Barclays Capital.

“Failure to hold above support in the $1,390 area was not unexpected,” according to a report from analysts including Phil Roberts. “We would look to buy any dips toward support in the $1,325 area. Our greater view remains bullish.”

Bullion for immediate delivery traded little changed at $1,396.63 an ounce today after dropping to $1,381.22 yesterday, the lowest level in a month. The price climbed to a record $1,444.95 an ounce on March 7. Asian shares climbed for the first time in five days, rallying from declines stoked by the risk of geopolitical tensions in the Middle East and radiation leaks from a nuclear power station after Japan’s strongest earthquake on record.

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- Posted: 2011-03-16 09:28:44

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