Monday, 5 December 2011

MARKET TALK:

BarCap Bullish Mid-Term

Gold is edging lower in Asia as traders lock in
profits from earlier gains; spot gold is trading at $1,745.10 a troy ounce,
down 20 cents from its previous close and well off an earlier high of
$1,754.60/oz. Barclays Capital says its mid-term outlook for the yellow metal
remains bullish, according to technical analysis; "gold continues to make new
highs and we look for a close above $1,750/oz to open up the November highs at
$1,803/oz." Later this week, gold will take its cue from a meeting of the ECB;
analysts say prices will likely remain well supported ahead of an expected
interest rate cut by the bank.

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