Posted on 05/22/2012 3:52:56 PM PDT by blam
BofA Technical Analyst: Gold Is Set For A Rally, Could Go As High As $3000
Max Nisen
May 22,2012
The technical analysis team at Bank of America Merrill Lynch thinks a month's long decline in gold is coming to an end.
Here's an excerpt from a note by Mary Ann Bartels and Stephen Suttmeier:
Gold has pulled back to test support at $1550-1500. This support is holding, which sets up gold for a rally. The downtrend line from the August/ September highs provides initial resistance near $1700. Chart resistances are near $1800 and $1900-1925.
Our longer-term view remains that gold is in a secular bull market with upside potential to $2000-2300 to as high as $3000 in coming years.
From Bank of America:
(Excerpt) Read more at businessinsider.com ...
They must have loaded up and need to sell a boatload.
(LT gold bull here, but there will no shortage of opptys to buy gold at these levels)
To hear BAC talk about gold is like hearing Khalid Sheik Mohammed talk about how good Ballpark Franks are.
If the supreme court knocks down obamacare and wisconsin keeps their governor— then gold dies..
amend that.
If the supreme court knocks down obamacare and wisconsin keeps their governor—and obama is voted out— then gold dies..
amend that.
If the supreme court knocks down obamacare and wisconsin keeps their governor—and obama is voted out— then gold dies..
Please explain.
You're forgetting our deficit has passed our GDP. There's no way out but a reset.
debt not deficit
“If the supreme court knocks down obamacare and wisconsin keeps their governor—and obama is voted out— then gold dies..”
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All helpful, but unless there is a sea change in the OVERALL federal fiscal insanity, the profligate government spending AKA debasing the dollar, Gold will still, at the very least, continue to be a very attractive safety position.
Not the private Bankers at the Federal Reserve tells us it is.
“Its complicated but Gold is tied to REAL inflation compared to buying power of the Dollar.”
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If my dollars are debased, by definition-able to buy less, that is very REAL inflation to me.
BoA: Pump and dump.
“Our longer-term view remains that gold is in a secular bull market with upside potential to $2000-2300 to as high as $3000 in coming years.”
How long before we heard this being parroted by all the gold pirates we hear on the radio?
Except for real estate. My dollars will buy a lot more house now.
Bring It On, Baby!!
3000 or Bust!!
A BoA analyst has about the same credibility as George Soros.
That is, I would not trust him to guard a trash bag full of used diapers.
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