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Outlook for Gold: BofA Merrill Lynch

BofA Merrill Lynch notes ....

  • Evidence for a bullish turn in gold continues to build. Yesterday's Bullish Engulfing Candle and impulsive break of 1175 (Mar-09 high) points to a near term base and turn higher. 

  • Now, watch 1195/1215 (7wk channel resistance and old 4m trendline support, now resistance). Through here confirms a bullish turn, targeting the jan-22 high at 1307 and beyond. We remain bullish for 1307/1345.

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