Gold set to base: BofA Merrill Lynch

Quotes from BofA Merrill Lynch:

- We remain medium term gold bulls, targeting 1345 (Jul'14 high) and potentially as far as 1433 (Aug'13 high) before the long-term bear trend emerges. 

- Now, preliminary evidence says that that Feb-23 low at 1191 may have marked the end month long correction and a resumption of the choppy. 

- An impulsive break of 1236 would confirm, targeting the 1307, Jan-22 high ahead of 1345 and eventually beyond. Below 1169 is need to warn of trouble, while a break of 1132 is needed to invalidate the bullish view.