UNITED KINGDOM March 25 2015 2:35 PMTweet
NEW YORK (Scrap Register): Analysts at Bank of America Merrill Lynch has remained bullish on gold prices, expecting to see some consolidation at current levels in the near-term.
Gold ended higher on Tuesday, with European jitters and worries about a potentially overheated equity market helping to lift prices to their highest level in nearly three weeks.
A weakening of the US dollar index recently has worked in favor of the precious metals bulls, although the dollar index posted slight gains on Tuesday.
The most active April gold contract on the COMEX division of the New York Mercantile Exchange settled up by $5.10 to $1,192.80 an ounce on Friday
They added that the $1,195 to $1,215 area will be the key technical area to watch as it represents a 4-month trend-line.
"Through here confirms a bullish turn, targeting the Jan-22 high at $1,307 and beyond. We remain bullish for $1,307/$1,345,” analysts added.