Barclays remains bullish on Gold in short-term

Jan 21, 2015 09:34

Source:SMM

Despite having an overall bearish outlook on gold prices for 2015, Barclays said that they are somewhat bullish in the short-term given the uncertainty in the marketplace.

UNITED STATES January 20 2015 5:35 PM

NEW YORK (Scrap Register): Despite having an overall bearish outlook on gold prices for 2015, Barclays said that they are somewhat bullish in the short-term given the uncertainty in the marketplace.

“Unexpected break above the 1238 December range highs has compelled to pare back our bearish view in the short-term as safe-haven flow signals scope for a move higher in range,” Barclays said. “Risk is for a rally extension

towards a cluster of resistance in the 1330 area where we would look for signs of a top."

However, their long-term view on gold remains bearish and Barclays expects the metal to move back towards the range lows near 1131 and adding that a breach of that level would lead gold prices near the $1,090 level.

Barclays believes the gold rally is likely to lose steam without a change in sentiment and wider investor support.

Barclays

gold price

Barclays gold price forecast

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Barclays remains bullish on Gold in short-term

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