Technicals - gold price - major support located at US$1200

Angela Mangan

QMG Pty Ltd

The spot gold price previously generated a technical sell signal at US$1321 on 25/8/16. This was identified as the (negative) technical turning point in the gold price. The minimum downside technical price target located at US$1265 was subsequently reached on 5/10/16(VIEW LINK). The decline on Friday night has resulted in the gold price closing below further key technical support.The expectation is for further downside to occur. Major subsequent support is now located at US$1200.

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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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