In a research note Wednesday, Barclays analysts are calling for a short-term boost in gold, however the overall momentum remains bearish for the metal. “Gold base candle signals near-term upside squeeze towards 1223/1246 where we look for signs of a top,” says Lynnden Branigan, vice president of technical research at the bank. According to Branigan, support levels for gold stand between $1,159-1,178 an ounce. “Above the 1223 area would open better levels to sell towards 1246,” he says. “The 1310 area helps keep overall focus lower,” he adds.
