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.
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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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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
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
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