Technicals | Dec 01 2010
By Rudi Filapek-Vandyck
The precious metal has hit some serious headwinds since rallying past US$1400/oz in early November leading to a swift retreat in line with other commodities. Technical market analysts at Barclays Capital believe there's now enough strength on price charts to once again adopt a positive view. The analysts see US$1459/1485 as possible into year-end.
This bullish Gold sentiment is also echoed across various currencies, note the analysts. Notably, they report, against the euro gold has accelerated away from the psychological 1000 support area to post new all time highs. The analysts are looking for an extension towards 1086/1100. Against the Japanese yen gold is currently at levels that have not been seen since the beginning of 1983.
