BofA Merrill Lynch’s MacNeil Curry Looks For Gold To ‘Move Up To About The 1,410, Potentially 1,450 Area’

“Gold has traded so badly the last few months, that it’s starting to look good to some chart watchers.

‘GOLD BEARS BEWARE,’ Merrill Lynch technical strategist MacNeil Curry told clients on Thursday. He warned against piling on to gold’s demise at current levels, because his reading of the charts suggest the downtrend may be in its final stages.”

MoneyBeat blog, Wall Street Journal website, June 27, 2013

MacNeil Curry, the head of Global Technical Strategy at BofA Merrill Lynch, talked about where he thinks gold might be heading on the CNBC show Futures Now this afternoon. He told host Jackie DeAngelis by phone:

Well, I think there’s a couple of things of gold that say this thing is probably still headed higher. First and foremost, if you go back, if you look at what we did back in mid-June, the trend was so overextended if you look at a variety of trend indicators, we were at levels from which historically, whether it was an uptrend or a downtrend, you saw a significant reversal to the tune of about 30 percent from the level from which it tends to reverse. So the 1,180 area in spot price, and the reversal we’ve seen subsequent to that, is pretty consistent with historical norms in terms of the trend got way too overstretched, if you look at the measure of weekly ADX. For example, we had reached levels at which this trend got way too stretched like a rubber band. And now we’re snapping back.

The two things that say this thing is probably going to head higher. First and foremost, the rest of the precious complex is now starting to confirm the price action in gold. If you look at silver, if you look at platinum, if you look at palladium- those things are starting to rally as well.

So it suggests that this is something more than a short squeeze in gold.

And the other thing I think is worth noting is, with respect to, if you look at where a lot of these positions had been unwinding, they had been transpiring in GLD. If you look at the shares outstanding in GLD, you can see that that is starting to stabilize, which suggests that some of the rampant selling or position unwinding which drove this market significantly lower has subsided, at least for the time being.

So I think at this stage in the game, you probably still have further upside.

And we’ve been looking for a move up to about the 1,410, potentially 1,450 area. Maybe even there we start to see signs of stalling. But I certainly wouldn’t be stepping in front of this thing in a year.

MacNeil Curry segment starts 5:07
CNBC Video

Back on September 12, 2012, Curry told CNBC’s Worldwide Exchange that with regards to the long-term:

We will be focusing in on gold. Ultimately we think gold can trade between $3,000 and $5,000 an ounce going forward.

By Christopher E. Hill, Editor
Survival And Prosperity (

(Editor’s note: I am not responsible for any personal liability, loss, or risk incurred as a consequence of the use and application, either directly or indirectly, of any information presented herein)


Barnato, Katy. “Gold Prices Could Peak at $5,000: Bank of America.” 21 Sep. 2012. ( 15 Aug. 2013.

Tags: , , , , , , , , , , ,

No comments yet.

Leave a comment

Survival And Prosperity
Est. 2010, Chicagoland, USA
Christopher E. Hill, Editor

Successor to
"The Most Hated Blog On Wall Street"
(Memorial Day Weekend 2007-2010)

This Project Dedicated to St. Jude
Patron Saint of Desperate Situations

Please Rate this Blog HERE


Advertising Disclosure here. "Code Needed"=Promo Code Found On Advertiser Website. Ad Captions Last Updated 7/20/16.
Blade HQ Knives New! Blade HQ Reviewed HERE.
Buy Gold And Silver Coins Silver Rounds 69¢ Over Spot Any Quantity; Secondary Market 100 Oz. Silver Bars 39¢ Over Spot Per Troy Oz., Any Quantity, Free Shipping. BGASC Reviewed HERE.
BullionVault World's Largest Online Investment Gold Service & Part-Owned By World Gold Council. Reviewed HERE.
Free 4-Week Emergency Food Kit w/ 3-Month Emergency Food Supply; Big Savings On "Deal Of The Day" Page. Reviewed HERE.
Survival Titles Save 20% Bladed Weapons, Combat, Firearms, Martial Arts, Military, Police, Preparedness, Self-Defense, Shooting, Survival Titles. Paladin Press Reviewed HERE.
World's First Bulletproof Baseball Cap Only $129; Bulletproof Ceramic Plate (NIJ Level III Stand-Alone) Only $169; Bulletproof Backpack/Messenger Bag Panel Only $99. BulletSafe Reviewed HERE.



Prepper Website

RSS Chris Hill’s Other Blog: Offshore Safe Deposit Boxes

  • Related Reading: Strong Demand In Germany For Safe Deposit Boxes
    Back in March and May of this year I blogged about Germans looking to safe deposit boxes to preserve their wealth in a negative interest rate environment. Tuesday night I came across a related article by The Sovereign Society’s editorial director JL Yastine on the Sovereign Investor Daily website. Discussing the subject of negative rates, […]
  • Related Reading: Gold Popular With British Post Brexit
    Earlier today I came across an interesting article on about the popularity of physical gold with British citizens in the wake of the historic “Brexit” vote. Clara Denina reported this morning: Dealers are seeing an unprecedented amount of interest in gold, much of it from first-time buyers, to take advantage of its role as […]
  • Related Reading: Japanese Gold Owners Look To Switzerland For Storage, Protection
    Switzerland still has significant appeal for Asians who own gold. Masumi Suga and Ichiro Suzuki reported on the Bloomberg website July 7: Japanese investors are buying gold to store in Switzerland because of negative interest rates and fears the yen will depreciate as the government grapples with the heaviest public debt burden in the developed […]
  • Related Reading: A Visit To Baoku Treasury, The World’s Largest Private, Non-Bank Safe Deposit Box Facility
    Back on May 18, I blogged about the recent opening of Baoku Treasury, the world’s largest private, non-bank safe deposit box facility. I haven’t come across that much material about the Shanghai, China, private vault in my research, so it was with great pleasure that I spotted an article about Baoku on the Sixth Tone […]
  • Related Reading: Robert W. Wood’s ‘Reporting Cash, Gold And Safety Deposit Boxes On FBARs?’
    Tonight I happened to read an article published on the Forbes website last Thursday entitled “Reporting Cash, Gold And Safety Deposit Boxes On FBARs?” The contributing author was Robert W. Wood, a San Francisco, California-based tax lawyer. It’s an insightful read on a complicated subject, where even Wood noted: Filing without thinking carefully about such […]