Technicals - Gold - major support located at US$1180

Angela Mangan

QMG Pty Ltd

The spot gold price originally generated a technical sell signal at US$1321 on 25/8/16 (VIEW LINK), resulting in the technical outlook turned negative. The 11/11/16 decline resulted in the gold price closing below further key technical support (at US$1227) which indicated the potential for a further minimum pullback to US$1200 - a level which was reached/exceeded last night. The chart below highlights that major support is now located at US$1180 - the low points reached in both mid-2013 and early 2014. The gold price technicals remain negative given there is no sign of base forming emerging. A re-entry technical buy signal will only be generated after technical base forming occurs.

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Angela Mangan
Angela Mangan
Technical Analyst
QMG Pty Ltd

Angela has over 30 years experience in the technical analysis field. She provides technical analysis coverage of major Australian and global stocks / key markets, including provision of a bespoke technical service to wholesale clients.


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