- Barclays
06-Oct-2010
2218 GMT [Dow Jones] Spot gold bid $1,347.50/oz, down $1.60 from late NY, off a little from late yesterday's all-time high at $1,349.80, helped by a weak USD. ICE Dollar Index, which tracks USD against a trade-weighted basket of currencies, traded yesterday at its lowest level since January. Barclays Capital says is concerned gold getting too much media attention and market speculation. "This makes us more watchful for signs of a short-term top," it says in a technical analysis issued this morning. However, USD remains offered and gold charts have done nothing wrong, it says. Indeed, momentum, positioning, constructive seasonal pattern keep 4Q focus higher toward long-term channel resistance in $1,440 area into year-end, says Barclays, which puts initial support near old channel highs at $1,325, then last Thursday's low at $1,296. Bears need a break of $1,280, which is 2-month channel support and 21-day moving average, to damage the 3-month bull trend "and that isn't likely," it says. (ray.brindal@dowjones.com)
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