Author: Paul Ploumis
14 May 2015 Last updated at 04:11:35 GMT
(Kitco News) - Although gold surged above $1,200 an ounce on Wednesday following the release of weak U.S. economic data, analysts at Triland Metals say they are not too excited just yet.
"As exciting as this move was in the short term, the market remains range stuck in the same range for much of the last 2 months,” they say in a research note Wednesday.
"A break out above the 61.8% move from the January high to the March low at 1244 is required before we become more positive in the long term on gold.”
Courtesy: Kitco News