Barclays Capital says it remains bullish on gold and
silver prices on a technical basis despite near-term weakness following heavy,
fund-led selling in Wednesday's session. "We would buy gold against the $1,670
a troy ounce area, targeting $1,803/oz," it says in a note, as gold rebounds
sharply in Thursday's Asian trade. Spot gold is trading at $1,721.90/oz, up
1.5% from its previous close but still 2.8% lower than Monday's open. The house
recommends buying silver near $33.70/oz, and tips an upside target of
$38.30/oz. Spot silver is at $35.11/oz, up 47 cents from its previous close.
Gold and silver fell sharply Wednesday as funds liquidated long positions after
comments from Fed Chairman Bernanke damped hopes for further monetary easing.
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