Commodities | May 01 2006
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by Rudi Filapek-Vandyck
The outlook for the spot gold price remains on the bullish side although investors with long positions are probably wise to tighten up stops on their positions, technical chartists at Commerzbank say.
The chartists note bullion is moving closer to their longer term target of US$682/oz which, in chartist’s speak, equals the "upside measurement from a 25 year channel".
Commerzbank expects, as the gold price will move closer to the target, profit taking to kick in. A trend reversal, however, is seen as very, very unlikely.
Commerzbank recently increased its long term spot price target for gold to US$715/oz. The target is believed to be achievable by September this year.
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