Gold may climb to an all-time high once it breaks out of a shrinking range, according to technical analysis from Dhiren Sarin at Barclays Capital. The metal for immediate delivery has formed a triangulating pattern in the past two months, with prices held in narrowing bands, Singapore-based Sarin said in a phone interview today. Bullion advanced as much as 0.8 percent to $1,557.05 an ounce yesterday, the most expensive since June 22, and traded at $1,553.15 an ounce today. The metal denominated in euros and pounds reached an all-time peak. “Gold is trying to push through the current range,” Sarin said. “It will reach a new all-time high” if the price exceeds $1,558, he said. Bullion advanced to a record $1,577.57 on May 2. The price increased 4.4 percent in the past seven days on concern Europe’s sovereign-debt crisis may spread to Italy and Spain and on signs of slowing global growth. Gold is heading for its 11th year of gains, the best performance since at least 1920. In technical analysis, investors and analysts study charts of trading patterns and prices to predict changes in a security, commodity, currency or index. Some analysts and traders use a combination of indicators and levels to form both short- and long-term forecasts. To contact the reporter on this story: Chanyaporn Chanjaroen in Singapore at cchanjaroen@bloomberg.net. To contact the editor responsible for this story: James Poole at jpoole4@bloomberg.net.

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