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Analysts Say Gold Gains Technical-Chart Momentum (KITCO)

18 February 2011, 7:43 a.m.
By Kitco News

(Kitco News) -- Gold has generated upward technical-chart momentum, analysts say. “Yesterday’s trade in gold saw confirmation of Wednesday’s marginal breakout above the 50-day (moving average), while (Comex March) silver broke out above the Jan 3rd high at $31.275,” says MF Global. “Markets typically follow through with such breakouts before falling back to retest them within 1-2 weeks.” Barclays looks for $1,400 gold in the not-too-distant future. “Above the latter would confirm our bullish view for gold and signal extension through the $1,432 all-time high,” Barclays says. “Our targets are in the $1,460/$1,485 area.” Barclays technicians look for spot silver to continue outperforming gold and are encouraged by the break above the $31.26 high, putting their next targets at $33 and $37. “The gold/silver mint ratio is on course to reach our initial target in the 41 area,” Barclays says.

By Allen Sykora of Kitco News;