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September 12, 2013 8:38 AM GMT+0200
Gold may extend its 19 percent slump since January as prices on charts form a “head and shoulder” pattern that signals more selling, according to Credit Suisse Group AG.
Bullion fell below $1,360 an ounce, a support level from the upward trend that began in late June, David Sneddon and Christopher Hine, technical analysts at the bank, said in a report yesterday. The drop may lead to the formation of a small head-and-shoulder top, they wrote. The pattern comprises three consecutive peaks on a chart, with the middle being the highest.
Prices may slip further to test $1,337, the 38.2 percent retracement of the June-August rally on Fibonacci analysis, according to the report. A fall below the level “should add weight to the scenario” that a broader bear trend is resuming, taking the metal lower to $1,270, they wrote.
Gold tumbled into a bear market in April on concern that the Federal Reserve would pare stimulus as the economy improved. Metal for immediate delivery dropped 0.6 percent to $1,357.45 an ounce at 2:53 p.m. in Beijing.
...
Gold May Fall to $1,270 on Head and Shoulder: Technical Analysis - Bloomberg
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Gold may extend its 19 percent slump since January as prices on charts form a “head and shoulder” pattern that signals more selling, according to Credit Suisse Group AG.
Bullion fell below $1,360 an ounce, a support level from the upward trend that began in late June, David Sneddon and Christopher Hine, technical analysts at the bank, said in a report yesterday. The drop may lead to the formation of a small head-and-shoulder top, they wrote. The pattern comprises three consecutive peaks on a chart, with the middle being the highest.
Prices may slip further to test $1,337, the 38.2 percent retracement of the June-August rally on Fibonacci analysis, according to the report. A fall below the level “should add weight to the scenario” that a broader bear trend is resuming, taking the metal lower to $1,270, they wrote.
Gold tumbled into a bear market in April on concern that the Federal Reserve would pare stimulus as the economy improved. Metal for immediate delivery dropped 0.6 percent to $1,357.45 an ounce at 2:53 p.m. in Beijing.
...
Gold May Fall to $1,270 on Head and Shoulder: Technical Analysis - Bloomberg
Google Traduttore