Gold may advance to a record $1,325 an ounce if it first breaks out of a symmetrical, triangular pattern, a move that may occur in the next one or two weeks, Standard Bank Group Ltd. said, citing trading patterns. A so-called topside breakout would be indicated by a close at more than $980.85 an ounce, Darran Grabham, the bank’s technical analyst, wrote in a note yesterday. That would signal a short-term bull trend to at least $1,100 an ounce, he said. Gold traded today at $952.80.
In addition to the triangular pattern, gold rising to more than this year’s peak of $1,006.29 would “confirm the completion of a continuation head-and-shoulders pattern -- the eventual target is $1,325,” Grabham wrote. The precious metal’s record stands at $1,032.70, touched on March 17, 2008. (more)
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