Gold May Reach $1,300 After Rally to Record: Technical Analysis
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Gold may climb to $1,300 an ounce in the next several weeks after rallying to a record, according to technical analysis by Commerzbank AG.
The attached chart shows gold will head for a so-called resistance level at $1,282 an ounce drawn from December last year. It will then rise to the “psychological” price of $1,300 by early October, based on 17-week cycles that have ended at or near short-term peaks.