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

Angela Mangan

QMG Pty Ltd

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.


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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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