Gold turned bearish near term – Commerzbank
|Senior Analyst at Commerzbank Axel Rudolph noted the yellow metal could slip back to the 1184/23/1180.04 area.
Key Quotes
“Since gold has made a weekly close below the 2005-18 uptrend line at 1214.90 we turned short-term bearish and have to allow for the 1184.23/1180.04 April and October 2013 lows to be reached”.
“Were this support area to give way, the next lower 1131.85/1122.98 October 2014 and 2016 lows could be reached as well”.
“We will retain our now bearish forecast while the price of gold remains below its 1217.61 August 9 high on a daily chart closing basis”.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.