Gold will probably attract buyers on declines toward $1,325 an ounce with the medium-term bull trend targeting a record $1,460 to $1,500 an ounce, according to technical analysis from Barclays Capital. “Failure to hold above support in the $1,390 area was not unexpected,” according to a report from analysts including Phil Roberts. “We would look to buy any dips toward support in the $1,325 area. Our greater view remains bullish.” Bullion for immediate delivery traded little changed at $1,396.63 an ounce today after dropping to $1,381.22 yesterday, the lowest level in a month. The price climbed to a record $1,444.95 an ounce on March 7. Asian shares climbed for the first time in five days, rallying from declines stoked by the risk of geopolitical tensions in the Middle East and radiation leaks from a nuclear power station after Japan’s strongest earthquake on record. “A close back above $1,405 would encourage our bullish view, although breaking above $1,435 is needed to confirm new highs through $1,445,” the report said. “Breaking below the 50- and 100-day averages near $1,380 would increase the risk of a deeper fall toward $1,360.” In technical analysis, analysts study charts of trading patterns to try to predict changes in a security, commodity, currency or index. To contact the reporter on this story: Jason Scott in Perth at jscott14@bloomberg.net; To contact the editor responsible for this story: James Poole at jpoole4@bloomberg.net

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