Technicals - gold - no sign of a turnaround / major support located at US$1105

Angela Mangan

The spot gold price originally generated a technical sell signal at US$1321 on 25/8/16, 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 flagged the next downward move in the gold price (refer to second chart below). The first chart highlights that major long-term support is now located at US$1105. The technical outlook remains negative given there is no sign of base forming emerging. A re-entry technical buy signal will only be generated after the required technical base forming occurs.


Angela Mangan

Angela has 30 years experience in the technical analysis field. Angela joined QMG as a technical analyst in May 2014. Angela was the technical analyst at Bell Potter for 16 years, providing technical analysis coverage to the retail and wholesale...

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gold gold equities ASX:NCM

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