Earlier, we noted that Bank of America Merrill Lynch’s Mary Ann Bartels and Stephen Suttmeier saw gold prices going to as high as $3,000. This was according to a note published yesterday.
Today, technical strategist MacNeil Curry from the same firm published a note titled Time To Buy Gold, which had an even more bullish tone.
Curry noted that gold was finding support at “1533/1522.” Traders got confirmation with the “impulsive rally to 1599.”
Here’s what he had to say on where gold is going from here:
Minimum upside targets are seen to the 6-month range highs at 1789/1803, with potential to the Sep’11 highs at 1921 and a resumption of the secular bull trend that ultimately targets a price of $3000 to $5000 an ounce.
This is a target Curry has published before. However, his conviction seems to be increasing.
Double check the thesis below, chartists.