The ounce troy of the precious metal needs to overcome $1,236 in order to alleviate the persistent downside pressure, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.
Key Quotes
“Spot gold has sold off aggressively and has seen a slight erosion of the long term uptrend at 1214.90, which has not been maintained and no close below here has been seen”.
“We have a short term down channel at 1236 and this will need to be overcome to alleviate immediate downside pressure. To negate it rallies will need to regain the 1274.30 downtrend and preferably the 1300 200 day ma. For now we favour recover”.
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