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.
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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