Gold prices are poised to extend their 2014 rebound and reach $1,400 an ounce, the highest since September, according to technical analysis from Citi Futures and RBC Wealth Management.
Prices yesterday settled above the 100-day moving average for a second straight day for the first time since October. The metal has also closed above its 50-day measure in every session since Jan. 23. The pattern signals prices will rally 8.5 percent by the end of March, Chicago-based Sterling Smith of Citi Futures said.
Turmoil in emerging markets and signs of waning improvement in the U.S. job market helped drive gold prices 7.3 percent higher in 2014 after after a 28 percent drop last year that was the biggest since 1981. Bullion in New York yesterday capped the longest rally since August 2012 after Federal Reserve Chairman Janet Yellen said more work is needed to restore the labor market.
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