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Bloomberg reports gold may decline to below $1,700 an ounce in September before climbing to an all-time high of $2,000 in October as the metal extends its longest rally in at least nine decades, according to technical analysts.
The Wall Street Journal reports market participants expect volatile trading in gold to continue this week, as traders look to what may be contentious debate on US President Barack Obama’s proposed jobs and infrastructure program and as traders take positions ahead of the meeting of the Federal Reserve’s policy-making committee next week.
In the absence of a clear outlook on those issues and Europe’s debt woes, the path of least resistance for gold is likely lower, MF Global analyst Tom Pawlicki told WSJ, as the market’s failure to hold upward momentum recently points to further losses adding that a decline may be anything but a straight-line fall, as volatility is likely to remain.
Bloomberg reports gold’s jump to a record $1,921.15 an ounce on Sept. 6 pushed it to “overbought” levels and the metal may slide to $1,670 before October, said Ron William, a technical strategist at MIG Bank. Any slump may halt at $1,650 and the metal may touch $2,000 next month, Commerzbank AG said, while independent analyst Jim Stellakis sees prices staying between $1,725 and the all-time high in the coming weeks.
Comments
jamesont
There is currently no evidence of gold going below $US 1800, and if Greece becomes bankrupt, gold will climb, not fall.