Commenting on gold’s recent movements and where it is likely headed, J.P.Morgan Cazenove’s Murray Morrison wrote in a note to clients that: “Gold rallied by nearly $20 yesterday, breaking above three-month old resistance to trade at a new all-time high. The metal remains in its well-supported uptrend and resistance at $1415 has become near-term support. As long as gold holds above $1415, we expect medium-term gains to a target of between $1650 and $1700.”
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