The Phaserl


Gold analysts turn bullish as price regains 40% of June slump

by Adrian Ash, Bullion Vault BullionStreet:

Prices to buy gold with Euros touched €970 per ounce, a near 1-week high more than 7% above last week’s 34-month low.

“We expect gold to trade with a positive bias going ahead,” says a technical analysis of the gold chart from Sharekhan, India’s second largest stock broker.

“The crucial support is placed at $1180,” says Sharekhan, “which is the low it touched” at the end of June.

“Friday’s multi-year low of $1180 looks like a bad quarter-end liquidation memory,” agrees Canadian bank and London bullion market-maker ScotiaMocatta.

On a technical analysis, “[Monday’s] higher close confirms Friday’s bullish hammer reversal warning on the daily chart,” says Scotia.

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