Gold May Increase to $1,480, Barclays Says: Technical Analysis
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Gold may climb to $1,480 an ounce, after breaking through record levels set this month, according to technical analysis by Barclays Capital.
A recent dip was a “healthy correction” and levels above the $1,350 area provided a base for gains to initial targets of $1,460 to $1,480 an ounce based on Fibonacci projections and rising trendline resistance, Barclays analysts wrote in a report dated Dec. 17.