Technical Analysis – Gold below 1300 for 3rd week
Posted on December 2, 2013 at 2:49 pm GMTGold prices have been trading below the key 1300 an ounce over 3 weeks, since November 11. Gold dropped further on Monday to touch a low of 1227.64 an ounce by later European session trading hours. Fundamentals have resulted in an increasingly bearish sentiment on the precious metal as speculation of Fed tapering is dampening gold’s appeal as a hedge against inflation. On the daily chart, gold remains in a downtrend. Repeated failure to breach 1260 (since November 21) has [..]