Charts: Gold Set to Hit $1,400 in 12 Months
The price of gold looks set to push higher, as long as it holds above the $1,000-level, and could hit $1,400 per troy ounce over the next 12 months, Daniel Bruno, chartered market technician from www.FXboss.info, told CNBC Thursday.
The technical signals are bullish, but rely on the price of the precious metal staying above the $1,000 level, Bruno said.
"The preponderance of the indicators are favoring a continued rise in gold prices. My projection for gold within twelve months is $1,400," he said.
Gold prices fell Thursday after the International Monetary Fund announced it plans to sell 191.3 metric tons of gold in a bid to further boost its resources.
Meanwhile, investors looking for gains in the price of oil might benefit from waiting until March before buying, according to Bruno.
"Typically, what we've seen over the last 24 years is between the months of March and October of every year there is a strong tendency for prices to move higher," he said.
- Watch the video above to see Daniel Bruno's technical view on the financial sector.