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Gold May Slide Before Extending Bull Rally: Technical Analysis

Gold may decline to below $1,700 an ounce this month 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.

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.