From a technical perspective, the outlook for gold is looking increasingly bearish, according to research by ANZ, which says the recent sharp declines open the risk of much sharper corrections. If the price of gold slides below a key support level of $1,150, the selloff could accelerate to $1,030 or even $870 an ounce - levels not seen since the GFC, says Victor Thianpiriya, commodity strategist at ANZ. He points out that volatility remains high and that, at times like this, the market can ignore fundamentals, and the technical picture takes on greater importance. (VIEW LINK)
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