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See gold at USD 1150/oz in near-term: Logic Advisors

Discussion in 'Trading Strategies & Systems' started by harreymartin, Jun 29, 2013.

  1. harreymartin

    harreymartin New Member

    Jun 11, 2013
    Likes Received:
    If all of a sudden we see all the central banks going back to being accommodative, that could turn the market around.

    Bill O’Neill, Founder, Logic Advisors sees gold headed to the level of USD 1150 per ounce. He does not expect a snap back in gold prices in the near-term.

    Gold prices had declined Friday, tracking weakness in international gold prices.

    He says gold prices can recover on a big move in dollar acting as catalyst for gold prices, central banks globally going back to being accommodative and return of all big gold players.

    Meanwhile, gold has to reach the levels of USD 1400 per ounce to tell that the market has bottomed, he said.

    Excerpts of his interview on CNBC-TV18

    Q: How much lower can gold go?

    A: I don’t think that the physical demand for gold is that strong. We had a run of physical demand back in April. This is a market of psychology as you know over the years but the way demand from India has weakened after a period of some strength also so we are not seeing demand from them either. It is a market of psychology, this psychology continues negative. ETF liquidations are absolutely destroying the market; day after day we see the SPDR gold trust and other ETFs showing outflows. Until that starts the market is going to continue to be lower.

    Read more: http://www.yooarticles.net/article/see-gold-at-usd-1150-oz-in-near-term-logic-advisors

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