The technical analysis team at Bank of America Merrill Lynch thinks a month's long decline in gold is coming to an end.
Here's an excerpt from a note by Mary Ann Bartels and Stephen Suttmeier:
Gold has pulled back to test support at $1550-1500. This support is holding, which sets up gold for a rally. The downtrend line from the August/ September highs provides initial resistance near $1700. Chart resistances are near $1800 and $1900-1925.
Our longer-term view remains that gold is in a secular bull market with upside potential to $2000-2300 to as high as $3000 in coming years.
From Bank of America:
Read more: http://www.businessinsider.com/boa-gold-3000-2012-5?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+TheMoneyGame+%28The+Money+Game%29&utm_content=Google+Reader#ixzz1vhUYgXQE
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