Key support for gold price seen at $1350-1355/oz: Barratt

If international gold price holds above USD 1,350 per ounce then it would retest USD 1,400 per ounce, says Jonathan Barratt of barratts-bulletin.
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Sep 11, 2013, 06.35 PM | Source: CNBC-TV18

Key support for gold price seen at $1350-1355/oz: Barratt

If international gold price holds above USD 1,350 per ounce then it would retest USD 1,400 per ounce, says Jonathan Barratt of barratts-bulletin.

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Key support for gold price seen at $1350-1355/oz: Barratt

If international gold price holds above USD 1,350 per ounce then it would retest USD 1,400 per ounce, says Jonathan Barratt of barratts-bulletin.

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Jonathan Barratt (more)

CIO, Ayers Alliance |

Gold, which has been under pressure on the back of current situation in Syria is likely to find support at USD 1,350-1,355 per ounce, says Jonathan Barratt of barratts-bulletin.

“We are seeing a bit of a lull in buying. With tensions in Syria starting to abate a little bit, we are seeing some profit taking,” he told CNBC-TV18 in an interview.

If international gold price holds above USD 1,350 per ounce then it would retest USD 1,400 per ounce , he added.

Below is the edited transcript of Jonathan Barratt’s interview with CNBC-TV18

Q: Give us a word on crude and what investors are talking about with regards to the cool-off that we have seen?

A: We are seeing crude under quite a lot of pressure. It is justified because a resolution supported by Russia through Syria could work and that will certainly drive prices a bit longer.

Q: What about gold because we have seen it bounce back to USD 1,400 per ounce a then come off, what would your strategy be on gold?

A: At the moment, gold is under pressure, there is no data about it at the moment. I see significant support around USD 1,350-1,355 per ounce. We are seeing a bit of a lull in buying. With tensions in Syria starting to abate a little bit, we are seeing some profit taking.

But at the end of the day, I still feel encouraged by the crisis in gold. If it holds above USD 1,350 per ounce then I will look for it to continue trade back to USD 1,400 per ounce.

Q: The other issue while discussing crude prices is the premium of Brent to West Texas Intermediate (WTI) that has collapsed quite a bit in the wake of easing of geopolitical tensions. Do you see some more trimming of that premium, which is about USD 4 right now?

A: We saw it move all the way up to USD 7, but at the end of the day, I feel that it should come in to around USD 2. The Syrian situation certainly puts that spread out, but whilst tension starts to ease, the spread should come back to around about USD 2.

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Key support for gold price seen at $1350-1355/oz: Barratt

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