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Strategies & Market Trends : Commodities - The Coming Bull Market
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To: KatayamaGorobei who wrote (207)6/12/2001 4:22:00 PM
From: craig crawford  Read Replies (1) of 1643
 
Merrill Lynch hikes gold trading range forecast to $260-295/oz
futuresource.com

Jun. 11-MAR--
New York, June 11 (BridgeNews) - Merrill Lynch has raised its
forecasted near-term trading range for gold to $260-295 an ounce from
$250-290, saying that recent developments might allow for a slightly
higher trading range.
Merrill Lynch said it is even more confident that the September 1999 low
at $252 will not be violated this year.
* * *
Bill O'Neill, director of futures research for Merrill Lynch,
cautioned that he was not forecasting any major shifts to prosperity for
gold bugs.
"The key word here is 'slightly' higher. This is a far cry from
forecasting a major bull market," said O'Neill in a report.
O'Neill said the failure of last month's rally last month, which saw
prices rise to a high of $293.50 on May 21 only to fall back to $265.70 on
May 30, was no surprise. "The rally was not based on monetary or economic
factors but on structural specifics related to gold combined with
technical factors, and history tells us that rallies of this nature are
inherently unsustainable," he said.
O'Neill listed several catalysts and recent developments for the
rally, including: forward producer selling as a result of above normal
lease rates and lower global interest rates; a decline in the one-year
contango; a rally in gold equities; and a "tinge" of inflation concern in
fixed income markets. End
Copyright 2001 Bridge Information Systems Inc. All rights reserved.
The bridge.com ID for this story is BSMKZTM
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