UNITED STATES April 15 2015 11:15 AM
NEW YORK (Scrap Register): Barclays analysts highlight their price forecasts for gold and expect the yellow metal to average around $1,190 an ounce in the second quarter and $1,183 an ounce for the year.
Although Barclays' analysts remain bearish on gold, they see limited downside given the upcoming Indian festival season when gold demand picks up.
In the absence of a macro catalyst, gold is likely to struggle to make sustained gains, Barclays said in its Gold Delta report.
However, the floor is likely to firm as demand in India picks up in the run up to festival-related buying, though poorer harvests have capped spending.
Barclays noted that recent gains in gold prices have been corrective and expect any gains to cap near the $1,307 level.
“A break above the 1225 area would point to further short-term upside squeeze and provide an opportunity to sell at better levels. Our initial downside targets are towards the lows near 1142 and then 1131, the 2014 lows,” analysts at Barclays added.
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