BofA Merrill Lynch notes in a report on Tuesday
- We have been and remain gold bulls While a rally may be less robust than previously thought (limited to 1307/1345); the evidence is once again turning bullish.
- Specifically, the stalling US $, the potentially completed "flat" correction from 1307 (Jan-22 high) and bullish momentum divergences all point to a base.
- A break of 1175 would confirm a base, while an impulsive break of 1200/1213 (intra-day channels & trendlines) targets 1307 and potentially beyond.
