Gold to Gain in ‘Bull Trend,’ Barclays Says: Technical Analysis
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Gold, which remains in a so-called bull trend, has been building support within a trading range and the price may advance to an all-time high, according to a technical analysis by Barclays Capital.
“We are bullish for gold and look for support to build” at $1,340 to $1,350 per ounce, where the 100-day average meets a Fibonacci retracement, Barclays analysts wrote in a Jan. 14 report. The spot price, which touched a record $1,431.25 on Dec. 7, was at $1,364.63 per ounce at 12:43 p.m. in Singapore today.