Gold May Rise Toward Record, Barclays Says: Technical Analysis
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Gold may advance toward a record after closing above a resistance level last week, according to technical analysis by Barclays Capital.
The attached chart shows the metal surpassed $1,350 an ounce on Oct. 29, a level “needed to confirm a resumption of the bull-trend,” Phil Roberts, a London-based analyst at Barclays Capital wrote in a report yesterday. Prices remained below that level in the seven sessions prior to Oct. 29 and reached a record $1,387.35 on Oct. 14.