Gold to Move Sideways in First Quarter but Upside Bias Remains Later in the Year

Although gold managed to gain +7% on annual basis in 2012, months of sideways trading below 1800 have led to speculations that its 12-year uptrend would end this year. Indeed, macroeconomic developments including potential completion of Fed’s QE by the end of the year and the recovery in global economic outlook might not bold well for the yellow metal in 2013.

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Gold to Move Sideways in First Quarter but Upside Bias Remains Later in the Year