By the end of the year, gold futures will notch prices of $1,560 per troy ounce, a Commerzbank analysis indicates.
A technical analysis showed that, within three months, the yellowish metal will surpass $1,500 per troy ounce, Bloomberg reports. Axel Rudolph, an analyst at the bank, performed a point and figure-type analysis and penned an April 8 report.
"Other point and figure targets are at $1,515 and $1,530, so the $1,515 zone seems important, together with the psychological $1,500 level," Rudolph stated by e-mail on Monday.
Gold futures' all-time high price is $1,478.18 per troy ounce. The commodity notched that price on Monday, which marked the metal's fifth straight day of setting record prices.
Investors and analysts who conduct technical analyses closely observe charts that show patterns and prices that are germane to trading, with the drive of predicting changes. The method applies to a security, a commodity a currency or an index.
A point and figure analysis monitors trends and movements of prices but does not consider the time or volume.
Prior to 3:30 p.m. on Tuesday, gold futures slipped 1.09 percent, a $16 drop to $1,452.10 per troy ounce.
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