BofAML’s NacNeill Curry remains bullish gold. He notes the impulsive gains from the 1251 low of Oct-15 and break of the 2-month downtrend (confirmed on the break of 1330) imply the medium-term trend has turned bullish. We look for an ultimate break of the 1433 highs of Aug-28, with potential for a push to 1500/1533 long-term resistance. Curry suggests traders buy this dip at around 1310 – warning that this view is nagated with a break below 1251. For those awaiting, a break of 1375 (Sep-19 high and right shoulder off a multi-month Head and Shoulders Top) is additional confirmation of the trend turn.
Buy Spot Gold at 1310, risking 1250, targeting 1450, potentially beyond
And beware, he notes, the S&P 500 is “ripe for near term stalling”
via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/A7I83qkv1ak/story01.htm Tyler Durden