Friday, August 16th 03:33 PM IST

Gold bulls are back again, US gold futures could target $1450

# gold  # bullish  # precious metals  # dollar  

Now analysts who are seeing bullish gold are rising with John Bridges, Anant Inani of J P Morgan and MacNeil Curry, Head of Global Technical Strategy at Bank of America leading the pack.

Photo Courtesy: BigStockPhoto.com

LONDON (Bullion Street): US Gold futures for December delivery rose $1372.3 per ounce on Friday electronic trading before falling to $1359.3. The precious metal has witnessed a recently rally on weakness in dollar, equities and rise in bond yields that has made the gold as an attractive alternative investment.

Now analysts who are seeing bullish gold are rising with John Bridges, Anant Inani of J P Morgan and MacNeil Curry, Head of Global Technical Strategy at Bank of America leading the pack.

John Bridges and Anant Inani has said that "We encourage shorter-term investors to consider getting long in the gold space with a four to five week time horizon." According to MacNeil Curry of Bank of America, Gold is expected to go to $1400 to 1450 per ounce levels and gives three reasons to be bullish on gold.

Jim Wyckoff, renowned analyst has attributed the gold rally to technical buying and safe haven buying. "The gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,400.00. Bears' next near-term downside breakout price objective is closing prices below solid technical support at $1,300.00. First resistance is seen at Thursday’s high of $1,367.90 and then at $1,375.00. First support is seen at $1,350.00 and then at $1,345.00. Wyckoff’s Market Rating: 4.0"

With several new entrants in the bull pack, it is worth recalling the one's who took bullish views on gold recently including precious metals economist Jeff Nichols and Sreekumar Raghavan of Commodity Online Group.

What's your view on gold, silver and other precious metals. Do write to info@bullionstreet.com and get your views published.

Photo Courtesy: BigStockPhoto.com

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