Technical Analysis – Gold in steep downtrend
Posted on December 31, 2013 at 9:52 am GMTGold has been on a steep downtrend in the second half of the year and is on track for the biggest annual loss in over 30 years. The precious metal is losing its safe haven quality and many do not see it as a store of value as they move to equities which have been enjoying strong rallies recently. The Fed’s announcement to taper has accelerated gold’s decline. A daily technical analysis show that prices are below the downtrend line [..]