Gold’s Technical Profile Appears Bearish

Gold's Technical Profile Appears Bearish

The technical profile for gold appears bearish, ANZ says in a report after spot prices fell 1.5% Friday. The house says that if the yellow metal is unable to regain $1,640/oz, the market could target $1,525-$1,550/oz. “The current spell of weakness adds to the risks that we may undershoot our Q1 forecast of $1,730, especially if physical buyers hold back on expectations of further falls,” the bank says. In PGMs, platinum hit its lowest level in two weeks. It notes that platinum bounced back early Monday, and unlike gold, chart indicators are bullish, with a retest of resistance at $1,740 possible. Spot gold is at $1,617/oz, up $6.90, silver is at $30.11/oz, up 31 cents, platinum is $1,687.25/oz, up $7.25 and palladium is at $759.60/oz, up $5.60 from its previous close.


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