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

  • New Additions To List Of Offshore Private Vaults
    Here are new entries to that list of offshore private vaults on my website of the same name: • Barcelona Vaults (Barcelona, Spain- opening June 2016) • Fish Brothers (London and its suburb Southall, England) • Montgomery Security Vaults (Lagos, Nigeria) • Panama Vaults (Panama City, Panama) • Safe Independent Co. (Pattaya, Thailand) • SINCONA […]
  • New York City Bank Safe Deposit Boxes Robbed Yet Again
    On April 13, I blogged about safe deposit boxes in an HSBC bank branch in Borough Park, Brooklyn, New York City, being robbed. In that post, I added: I wouldn’t go so far as to say New York City is suffering an epidemic of bank safe deposit box robberies, but regular readers of Offshore Safe […]
  • Degussa’s Next Numis Day
    Degussa, a leading international player in the precious metals world which also offers safe deposit boxes (for customers) at branches in Germany, Singapore, Spain, and Switzerland, has posted information about the next Numis Day (first blogged about here) at their Geneva and Zurich showrooms. From their website: The Next Numis Day We appreciate and appraise […]
  • Baoku Treasury, World’s Largest Private, Non-Bank Safe Deposit Box Facility, Opens In Shanghai, China
    Regular readers of this blog know that new private, non-bank safe deposit box facilities keep popping up all over the world. Here’s one that sounds particularly impressive in terms of size, security, and customer “perks.” From the website of China Daily on March 19: As one component of the Guanfu Baoku project, the Baoku Treasury, […]
  • Swiss Safe Deposit Boxes No Longer Available?
    Yesterday, I blogged about an article on The Telegraph (UK) website in which the World Gold Council spoke of “anecdotal reports of a rise in demand for safety deposit boxes in Germany as some customers looked for alternative options in case of further interest rate cuts.” Reading a piece on the website of Moneywise (United […]