Gold Moving Average Signals Slump to $1,600, Analyst Says
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Gold futures may slump to $1,600 an ounce by the end of the year, according to technical analysis by Paul Kavanaugh at FuturePath Trading LLC.
The contract for December delivery settled below its 50-day moving average for the second straight day, signaling the metal may slide 6 percent from yesterday’s closing price of $1,701.60 on the Comex in New York, Kavanaugh, the Chicago-based director of business development, said in a telephone interview.