By: FxStreet.com, Feb 18, 2010
| FXstreet.com (Barcelona) - Spot Gold's decline from $1,226 high on December, bottomed at $1,044 on early February, and the pair has bounced up, breaking below downtrend resistance from Nov high, in a bullish signal that according to Daniel Bruno, technical analyst at FXBoss could advance a rally to $1,400 on the long-term.
Gold is trading above the trend line from Jan 2009 low, says Bruno and it could continue rallying to $1,400 on the next 12 months: "The attached chart shows gold is trading above a trend line that starts from the metal’s low in January last year. A climb to $1,419 an ounce would equate to a 150 percent projection of bullion’s rally from January 2009 to its record in December." |
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