Buy Gold – HSBC
By: Mark O’Byrne, GoldCore
GoldSeek.com
Wednesday, 13 April 2016
Buy gold is the call of HSBC technical analysts who are becoming increasingly bullish on gold and increasingly bearish on stocks as reported by Business Insider.
Sentiment towards gold is slowly moving from being extremely negative and bearish to more bullish. HSBC joins a long list of large banks, insurers and investment houses who are now bullish on gold.
HSBC, JP Morgan Chase, Bank of America Merrill Lynch, ABN Amro, UBS, Deutsche Bank, PIMCO and BlackRock head a growing number of investment houses that are recommending an allocation to gold today. Indeed, the world’s largest reinsurer Munich Re is buying gold.
HSBC’s bullish gold call was reported by Business Insider:
“The US dollar price of Gold is in an uptrend with a bullish Elliott Wave structure,” said Murray Gunn, HSBC’s head of technical analysis.
“With momentum turning up we open a long position at a spot reference of $1,260. A stop-loss is set at $1,200 with an initial target of $1,500.”
The Rest…HERE
