Remember what QE1 done to Gold.?? Gold rallied from 900. Same for QE2. And now when QE3 is on horizion, its just a matter of time that GOLD breaches historical 2000 mark and eyes the free space. 2400 looks reasonable.
In my previous chart I pointed out that MA is providing good support and price can bounce from there. 50MA is rising and is above the 200MA. Technically, its bullish scenario.
In my previous chart I pointed out that MA is providing good support and price can bounce from there. 50MA is rising and is above the 200MA. Technically, its bullish scenario.
As per the report release by IMF, central banks continue to add to their precious metal reserves. BlackRock fund manager Evy Hambro who invests in the precious metal and gold equities, predicted that QE3 could result in the gold price hitting USD2,400/oz by the middle of next summer.
More from Telegraph [here].
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