"All in all we continue to see further upside potential for gold and to a lesser degree silver as reduced demand from industrial users increases the pressure on financial investors to keep the supply surplus down," the Copenhagen-based bank added.
With the open ended nature of quantitative easing, part three, we see the potential for gold reaching the 2011 high at $1,921/oz during December following an initial period of consolidating as $1,800 offers strong resistance. Into 2013 the rally may eventually take us up and above the physiological barrier of $2,000 before reaching a technical target of $2,075," they noted.
"The absolute line in the sand below is now $1,500, but we expect technical support at the 200-day moving average, currently at $1,659, will hold off any downside attempts," Saxo Bank concluded.
More information can be found online at http://www.goldbullionadvisors.com
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