Another Burst Of Hope

This time, from technical analyst Daniel Bruno. His line of thought comes from a Bloomberg report:

...A climb to $1,419 an ounce would equate to a 150 percent projection of bullion’s rally from January 2009 to its record in December, according to a series of numbers known as the Fibonacci sequence.

Gold “remains robust above its rising trend line,” and the recent rebound from a three-month low on Feb. 5 is a “bullish” signal, Bruno said in an interview. “We project about $1,400 within 12 months as long as the $1,000 level holds,” he said.

It's a call that's far more daring now, as gold is at $1,100, than similar calls were when gold was at $1,200. Of course, as long as everyone remembers that at least one bullish analyst scored with a $1,200 prediction last year when gold was below $1,000, similarly optimistic calls for this year will be made.