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Bannockburn: 'next big target is $1,800' for gold prices

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(Kitco News) - Bannockburn Global Forex said the next big upside target for gold is $1,800 an ounce. “A four-day rally lifted the yellow metal above $1,750 ahead of the weekend, its best level since late 2012,” analysts said in a research note. “The advance began with an outside up day on May 7 from a low near $1,677, as gold fell by about 1% over the next two sessions. However, the recovery and push higher was steady, and closes were near session highs, but only marginal new highs were seen as stops were triggered above the mid-April high near $1,747 and more at $1,750.” Analysts said a pair of technical indicators – Moving Average Convergence Divergence and Slow Stochastics, are pointing to higher prices. “The next big target is $1,800,” Bannockburn said. “Initial support is likely near $1,720.” As of 8:08 a.m. EDT, spot metal was $15.90 higher to $1,758.10 an ounce. So far Monday, Bannock burn said, “the yellow metal is extending is advance for a fifth session and tested the $1,765 area in Europe.”

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