A strategy note from UBS on the outlook for gold:
- Sees gold in $1167 to $1239 trading range for the near-term
- “While December’s weakness has been reversed so far this year and immediate downside risks have been reduced, more evidence is needed before this can be considered a bullish picture”
- See “significant resistance” at $1239.80 … a “close above this must occur to trigger a more prolonged advance towards $1265.70 and even the $1297.60 high posted last August”
- For support … “the level to watch for is $1167.30″
