Last Updated : 05 November 2012 at 13:55 IST
We were bullish on Gold, We were wrong: Barclays
Source :Commodity Online/Barclays
It may be recalled that last week Barclays had expressed caution about physical demand for gold emerging in the Asian region in November stating that it would be crucial to sustain prices of the yellow metal head.
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LONDON (Commodity Online): Barclays Capital which was until recently very bullish on its gold outlook has now admitted that they went wrong and not expects market to trade range bound.
Barclays has retained its rice forecast for Q4 12: $1810/oz, 2012 annual average: $1691/oz.
It may be recalled that last week Barclays had expressed caution about physical demand for gold emerging in the Asian region in November stating that it would be crucial to sustain prices of the yellow metal head.
“While physical demand is still present supported in India by the softer Indian Rupee (INR), bar premiums have improved with premiums stabilising in Singapore and reaching a two-month high in Hong Kong while volume traded on the Shanghai Gold Exchange is just modestly below the monthly average. Demand in Turkey has also improved this year but has slowed over the past couple of months,” Barclays said in its latest report.
Barclays now Bearish on Gold
“ We were bullish; we were wrong. Biggest downside drop in gold since June opens up trendline support at 1621. Range trade overall. “
- Support: 1661, 1629
- Resistance: 1726, 1755
- Medium term: Bullish
