Gold May Drop as Trend Shifts, Rudolph Says: Technical Analysis
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Gold, which climbed to a record last month on concern that the global economic recovery may be faltering, may slide to the lowest price since May, according to a technical analysis from Commerzbank AG.
The metal, trading today at $1,213.65 an ounce, may slip to $1,172.10 after closing below its 55-day moving average, Axel Rudolph, a technical analyst at the bank, wrote in a report, citing trading patterns. That dip “makes us question our previously bullish forecast,” Rudolph wrote in the July 2 note.