Tags: Gold | Bulls | Rally | Legs

Gold Bulls Are Back as Rally Appears to Have Legs

By    |   Thursday, 13 February 2014 06:37 PM

With gold climbing back above $1,300 an ounce Thursday, bulls again are touting the metal's investment prospects both on technical and fundamental considerations.

April gold futures settled at $1,300.10 on New York's Comex Thursday, up $5.10 from Wednesday.

Some experts see the move as technically based. "When you look at gold, it's been all about the technicals," Brian Stutland, managing member of the Stutland Volatility Group, told CNBC.

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"As soon as we broke above $1,275 basically, it's been a straight push to $1,300. I think it continues. I'm looking around that $1,320, $1,340 level where gold could probably trade. The technicals are just too strong behind it."

Gold's rise above $1,300 may bring in more buyers, says Rich Ilczysyzn, chief market strategist at iiTrader, tells CNBC. That move "is a headline, and gold is a very emotional trade," he said. "The longer it stays above $1,300, the more people are going to come in."

Jeff Kilburg, CEO of KKM Financial, sees fundamental support for gold, too. Federal Reserve Chair Janet Yellen indicated in her congressional testimony Tuesday that "they are laser-focused on producing inflation," he told CNBC.

Still, gold bears are holding their ground. Goldman Sachs analysts led by Jeffrey Currie predicted in a report Wednesday that the metal will fall to $1,050 by year-end, according to Bloomberg.

Stronger U.S. economic growth will weigh on gold, they say. And continued declines by emerging market currencies could shrink demand for gold jewelry in those nations.

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With gold climbing back above $1,300 an ounce Thursday, bulls again are touting the metal's investment prospects both on technical and fundamental considerations.
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2014-37-13
Thursday, 13 February 2014 06:37 PM
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