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4 May 2015
Gold could test $1,145/50 – TDS
FXStreet (Edinburgh) - According to strategists at TD Securities, the troy ounce of the precious metal could slip to the $1,145/50 level.
Key Quotes
“Price action looks soft on the week (outside range week, with a lower close) but that follows a series of soft closes within the context of the sideway range of the past month—a negative, but not a compellingly bearish, signal at this point”.
“A break below the base of the recent range should be enough to trigger a test of potential support drawn off the late 2015 and March—which could be construed as the neckline trigger of a rough H&S continuation signal”.
“Below 1145/50 would be negative in a broader sense for gold. Short-term trend momentum is picking up and aligning bearishly for the market, adding weight to the heavy undertone of price action. We look for gold to slip to 1145/50 at least from a technical point of view in the near-term”.
Key Quotes
“Price action looks soft on the week (outside range week, with a lower close) but that follows a series of soft closes within the context of the sideway range of the past month—a negative, but not a compellingly bearish, signal at this point”.
“A break below the base of the recent range should be enough to trigger a test of potential support drawn off the late 2015 and March—which could be construed as the neckline trigger of a rough H&S continuation signal”.
“Below 1145/50 would be negative in a broader sense for gold. Short-term trend momentum is picking up and aligning bearishly for the market, adding weight to the heavy undertone of price action. We look for gold to slip to 1145/50 at least from a technical point of view in the near-term”.