Bloomberg, (1/7) -- Gold may be on
course to test $1,055 per ounce this year after breaching key support
levels on moving average charts, according to technical analysis by
Galaxy Futures Co.
Moving average lines on monthly charts show
bullion is headed toward the support level after breaching $1,418, said
Jiang Hongyan, a Beijing-based analyst at the brokerage. The metal is
currently oversold and this may hold it around $1,200 before it drops
again, she said.
“The moving average convergence-divergence
indicator shows that sentiment is very bearish at the moment, so we may
see this happen in the next six months,” Jiang said. “There seems to be
no momentum for a bounce.”
Gold for immediate delivery rose 0.6
percent to $1,241.43 an ounce at 10:53 a.m. in Shanghai after falling 23
percent in the second quarter, the worst since at least 1920, according
to data compiled by Bloomberg. The precious metal is poised for the
biggest yearly drop in more than three decades after rising for 12 years
in a row.
Technical analysts observe price charts to forecast
resistance levels, or ceilings restricting price increases and support
levels limiting declines. The trading patterns and prices are used to
predict changes in a security, commodity, currency or index. The moving
average convergence-divergence helps to gauge momentum
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