Mary Ann Bartel is one of the technicians I follow and respect. Bartel is the Head of Technical and Market Analysis for Bank of America Merrill Lynch and recently came out with a note expecting gold to bottom soon and head up to $2,300.
From Barron’s:
“In our view, gold remains in a secular bull market,” Bartels writes today in a research note co-authored with Stephen Suttmeier and Jue Xiong. “The pullback off the August/September 2011 highs is just a consolidation of this secular bull trend,” she writes.
The metal is set up for a rally to “downtrend resistance” near $1,700 and chart resistances in the $1,800 and $1,900-$1,925 areas, she writes. And higher still: “Longer-term, we expect gold to move to new highs with projected resistance in the 2100-2300 area.”
Source: Time For Gold TO Rally to $1700 and Beyond
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