Technicals - gold price - approaching key support @US$1265

Angela Mangan

QMG Pty Ltd

In our previous (mid-August) Wire relating to the gold price technicals, it was highlighted that spot gold had the potential to trigger a technical sell signal.(VIEW LINK) The spot gold price subsequently generated a technical sell signal at US$1321 on 25/8/16. The technical outlook turned negative at that point. The minimum downside technical price target was nominated at US$1265 - the minimum expectation for a pullback. The US$40 decline last night resulted in the spot gold price reaching an intra-session low of US$1266. There is no sign of a turnaround / or base forming emerging.


1 topic

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.

Expertise

I would like to

Only to be used for sending genuine email enquiries to the Contributor. Livewire Markets Pty Ltd reserves its right to take any legal or other appropriate action in relation to misuse of this service.

Personal Information Collection Statement
Your personal information will be passed to the Contributor and/or its authorised service provider to assist the Contributor to contact you about your investment enquiry. They are required not to use your information for any other purpose. Our privacy policy explains how we store personal information and how you may access, correct or complain about the handling of personal information.