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22 May 2015
Gold: below $1199 targets $1162 – BAML
FXStreet (Barcelona) - MacNeil Curry, CFA, CMT, Technical Strategist at BofA-Merrill Lynch, maintains a neutral outlook on Gold, expecting a break below $1199 to pave way for a decline towards $1162.
Key Quotes
“We have been short/medium term gold bulls, looking for a push towards 130 (the Jan high). Now we are tempering that enthusiasm and turning neutral.”
“Price action from last November resembles a range trade / Triangle which means limited topside and choppy conditions.”
“For now, we would stay on the sidelines and be patient.”
“In the very near term watch 1199 (the May-05 high). Below here confirms a s/term top, targeting 1162 (7wk channel base); potentially beyond.“
Key Quotes
“We have been short/medium term gold bulls, looking for a push towards 130 (the Jan high). Now we are tempering that enthusiasm and turning neutral.”
“Price action from last November resembles a range trade / Triangle which means limited topside and choppy conditions.”
“For now, we would stay on the sidelines and be patient.”
“In the very near term watch 1199 (the May-05 high). Below here confirms a s/term top, targeting 1162 (7wk channel base); potentially beyond.“