Gold’s Outlook Remains Bearish Below $1,375: Technical Analysis
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Gold’s outlook remains bearish while prices, heading for the first annual drop in 13 years, trade below about $1,375 an ounce, according to technical analysis by Commerzbank AG.
The August low of about $1,272 is a target, and a drop below that level would mean declines toward the $1,200 to $1,100 area would be possible, the bank said. Gold for immediate delivery traded at $1,314.48 an ounce by 6:18 a.m. in London, set for a 22 percent decline this year.