Elliot Management finds positive fundamentals for Gold, BofAML sees it at $1500
Elliott Management has informed its clients that it has added to its bullish-gold-option holdings which are aimed at having limited downside risk with a large upside potential, Reuters reported. Elliott still feels the fundamentals are 'uniquely positive for gold'.
Golden egg photo courtesy FreeDigitalPhotos.net
Gold prices have fallen from a recent high of $1360 per ounce to $1334, however, the hedge fund major Elliott Management continues to be postiive on gold. It has added to its long-gold positions bet while also puting more more into activist strategies.
Elliott Management has informed its clients that it has added to its bullish-gold-option holdings which are aimed at having limited downside risk with a large upside potential, Reuters reported. Elliott still feels the fundamentals are 'uniquely positive for gold'.
Meanwhile, MacNeil Curry said in a note to invesotrs that gold could be heading towards $1500 and the bank has changed its bearish stand on gold to bullihs.
"The impulsive gains from the 1251 low of Oct-15 and break of the 2m downtrend (confirmed on the break of 1330) say a medium term base and bullish turn is unfolding. We look for an ultimate break of the 1433 highs of Aug-28, with POTENTIAL for a push to 1500/1533 long term resistance. In the next several sessions we would buy a dip into 1309. THIS VIEW IS WRONG ON A BREAK BELOW 1251. For those awaiting additional confirmation of a turn, you need to see a break of 1375 (Sep-19 high & right shoulder off a multi-month Head and Shoulders Top)."
In other words, now that gold has broken above $1,330, Curry sees it next going towards $1,433 and potentially as much as $1,500 to $1,533. To be double sure it's headed up, wait for gold to trade above $1,375. All bets are off, though, if it drops below $1,251. Bullion traded at $1,357 on Wednesday.
Sumber : Google
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