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$1,400 An Ounce Gold Possible By March
Posted February 12th, 2014
TANGIBLE INVESTMENTS - Laguna Beach - After closing near its highs on Tuesday, the Gold price is currently hovering at a three month high of $1,295.20 an ounce, while the price of Silver, which followed Gold higher, is currently trading at $20.36 an ounce. "At the moment, it seems that there is some technical momentum, and you can see prices tasting levels around $1,300, where the 200-day moving average is," says Karim Cherif, of Credit Suisse.
Gold breached the 100-day moving average on Monday and with its current momentum, could take out the 200-day MA as well, now at $1,305.50 an ounce. Gold prices closed above the 100-day MA for a second consecutive day for the first time in four months on Tuesday. It has also closed above its 50-day MA for almost three weeks straight.
Analysts at Citi Futures and RBC Wealth Management are calling for Gold prices to stretch their 2014 rebound to $1,400 an ounce. Sterling Smith of Citi Futures has reported a pattern he sees emerging in Gold that could signal a rally in the yellow metal that will reach 8.5 percent by the end of March. “The sentiment seems to be changing gradually, and gold is attracting bids,” said Michael Gayed, of Pension Partners LLC, in a telephone interview. “Money printing will continue to help gold. I would say that some people are returning to gold, and some are buying on technical levels.”
Gold holdings by exchange traded funds (ETFs) turned positive by a “modest” 22,000 ounces this month, according to UBS. “While the volume is small, the direction of the flow is important,” says the bank. “Should the slow trickle of investment into gold ETFs continue for the rest of February, it will be the first month of net gains in more than a year.
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