Target Gold Price Hits USD1,500 in Q3:11















COMEX gold has seen the net long non-commercial position decline to 27.96% of OI, down from 30.5% the previous week. Current levels are below the average level of 33% over the past 2 months. We believe that gold could touch $1,500. At this stage, we target $1,500 in Q3:11, as in the interim we foresee seasonal weakness in the physical gold market. The end of Q1
and Q2 typically see gold scrap volumes increase, which is likely to subdue the gold price.

The Gold support is at $1,406 and $1,393. Resistance is at $1,436 and $1,458.

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