Barclays Calls For $1,385 Gold

The technical analysis department of Barclays, seeing gold in a rising channel, has called for the metal to reach $1,385.

“We maintain our bullish bias for a move through the bull- market highs,” Barclays analysts including MacNeil Curry in New York wrote in a report on June 28. “We look for a push towards $1,385, 20-month channel resistance, as speculators begin to rebuild their long positions.”

A channel is two lines that connect highs and lows, respectively. Technical analysts believe that a rising channel, composed of higher highs and higher lows, can be extended to forecast where an asset price will be.