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

Angela Mangan

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.


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 ASX:NST ASX:EVN

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