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 (www.survivalandprosperity.com)

(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)

Source:

Barnato, Katy. “Gold Prices Could Peak at $5,000: Bank of America.” CNBC.com. 21 Sep. 2012. (http://www.cnbc.com/id/49119240). 15 Aug. 2013.

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

No comments yet.

Leave a comment

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

Successor to Boom2Bust.com
"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

happyToSurvive

Advertising Disclosure here. "Code Needed"=Promo Code Found On Advertiser Website. Ad Captions Last Updated 4/18/16.
ANY CHARACTER HERE
Remington Sale Ends 4/30
ANY CHARACTER HERE
Blade HQ Knives Blade HQ Review Coming Soon
ANY CHARACTER HERE
Buy Gold And Silver Coins Gold/Silver Sale, inc. Chinese Gold Pandas, 90% Silver Franklin Half Dollars (Singles/Rolls/Bags). BGASC Reviewed HERE.
ANY CHARACTER HERE
BullionVault World's Largest Online Investment Gold Service & Part-Owned By World Gold Council. BullionVault.com Reviewed HERE.
ANY CHARACTER HERE
Home Of "Survival Seed Vault" Premium Heirloom Survival Seeds. MyPatriotSupply.com Reviewed HERE.
ANY CHARACTER HERE
Nitro-Pak--The Emergency Preparedness Leader Wise Foods Sale, Up To 50% Off; Mountain House Sale, Up To 35% Off; Warehouse & Clearance Sale, Up To 70% Off! Nitro-Pak Reviewed HERE.
ANY CHARACTER HERE
Instant Upgrades! Up To $977.99 In Free Meals; Dehydrated Green Beans Up To 34% Off; Sampler Pack Now Only $25. Food Insurance Reviewed HERE.
Firefield Sale Ends 4/30
ANY CHARACTER HERE
Chief Supply Tactical Apparel and Gear for Law, Fire, EMS, Military and Outdoors @chief Tru-Spec 24/7 Series Pants 25% Off Thru 4/30; Free Bluetooth Speaker w/ Fatt Maxx 6"/8" Side-Zip Boots; 25% Off Propper Polo Shirts (Code Needed). CHIEF Supply Reviewed HERE.
ANY CHARACTER 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.
ANY CHARACTER HERE
Firearm Training Alternatives (Airguns/Airsoft). PyramydAir.com Reviewed HERE.
ANY CHARACTER HERE
40% Off All Orders Thru 4/20 12 PM PST (Code Needed). Airsoft Megastore Reviewed HERE.
ANY CHARACTER HERE
Survival Titles Save 20% 35% Off All "Deals Of The Week" Thru 4/18 (Code Needed). Paladin Press Reviewed HERE.
 

Categories

Archives

Prepper Website

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

  • The Sovereign Investor Daily Spotlights New Zealand Vault
    One website I mention from time to time on this blog is The Sovereign Investor Daily, produced by The Sovereign Society, a Florida-based boutique investment research firm “with a worldwide membership of people who value their financial freedom, personal privacy and affluence.” Last Thursday, a recent interview of John Mulvey, CEO and owner of New […]
  • London’s Sharps Pixley Launches Safe Deposit Box Service
    Back on January 20, I blogged about the opening of two new private, non-bank safe deposit box facilities in the United Kingdom. One of these was Sharps Pixley in London (England), which dates back to 1778 and is an original member of London’s twice-daily gold price fixing establishment. Earlier today while catching up on research […]
  • Spring Break
    I will be on my “spring break” from blogging on Offshore Safe Deposit Boxes after publishing this post. New material will appear again on the blog starting Monday, May 2. Thanks, Christopher E. Hill Editor
  • Ecuador President Announces One-Time Tax On Millionaires, Workers After Earthquake
    From an Associated Press article on the Fox News Latino website Thursday: President Rafael Correa announced Wednesday night that he is raising sales taxes and will charge a one-time levy on millionaires to rebuild cities devastated by Ecuador’s worst earthquake in decades… Using authority granted by the state of emergency he declared after Saturday night’s […]
  • The Safe House In Singapore
    More safe deposit box news out of Singapore. The Middle Ground, a news site covering that part of the world, ran an article back on March 31 about award-winning bullion dealer Silver Bullion and its subsidiary- The Safe House (TSH), a Singapore private, non-bank vault. Ryan Ong wrote: Silver Bullion is a company that owns […]