Gold Approaches New Phase Of Gains - RBS
Gold is approaching a new phase in price action that
will mark the end of its "mini bear correction" and the continuation of its
former bullish channel, according to Royal Bank of Scotland. A break through
the $1,752/oz-$1,762/oz zone should open the way for a move toward $1,841/oz,
the bank says. After this, the metal should target previous all-time highs
around $1,920/oz, provided that momentum remains strong. Spot gold hit a record
high at $1,920.94/oz in September, before tumbling as investors shed exposure
to a broad range of assets amid heightened risk aversion. The metal has since
struggled for sustained upward traction. Spot gold is up 0.6% at
$1,732.64/oz.
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