"Into 2013 the rally may eventually take us up and above the physiological barrier of $2,000"
Gold has potential to break all time high of $1,921 an ounce during December this year, according to Saxo Bank, a Danish investment bank. ...
"All in all we continue to see further upside potential for
gold and to a lesser degree
silver as reduced demand from industrial users increases the pressure on financial investors to keep the supply surplus down," the Copenhagen-based bank added.
"With the open ended nature of quantitative easing, part three, we see the potential for
gold reaching the 2011 high at $1,921/oz during December following an initial period of consolidating as $1,800 offers strong resistance. Into 2013 the rally may eventually take us up and above the physiological barrier of $2,000 before reaching a technical target of $2,075," they noted.
"The absolute line in the sand below is now $1,500, but we expect technical support at the 200-day moving average, currently at $1,659, will hold off any downside attempts," Saxo Bank concluded.
Read Article
