Earlier today Morgan Stanley raised its 2014 and called for gold at $1830 near the end of the year doe to investment, central bank buying and US QE to continue through the end of the year.
Alternatively, Credit Suisse and Danske are predicting peaks this year. There is also chatter about high volume in gold trading today.
Technically, gold touched below the Jan 17 low ($1666) and the 38.2% retracement. Further support is in the $1652/00 zone.
I don’t see the compelling reasons to buy gold this year and the rejection of $1700 shows me that the sellers have the upper hand.
